# In the matter of Magic Express Technology Private
Limited CP (IB) No.564-MB-V-2022

> NCLT judgment dated 2023-06-09. Citation: TCN-2023-NCLT-05476. The case involves an application filed by VSJ Investment Private Limited, the Financial…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-05476
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/magic-express-technology-private-limited-cp-ib-no564-mb-v-2022-949f4afd

## Summary

### Background

The case involves an application filed by VSJ Investment Private Limited, the Financial Creditor/Applicant, under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Magic Express Technology Private Limited, the Corporate Debtor.

## Facts

VSJ Investment Private Limited filed an application under Section 7 of the I&B Code to initiate CIRP against Magic Express Technology Private Limited.

The Financial Creditor claimed a total outstanding amount of Rs.311,09,40,163/-.

The Date of Default is stated to be 31.03.2021.

The Corporate Debtor did not file a reply to the application.

Piramal Capital & Housing Finance Limited had been reverse merged into Diwan Housing Finance Corporation Limited with effect from 30.09.2021.

The loan was assigned by Piramal Capital & Housing Finance Limited to VSJ Investment Private Limited by way of an Assignment Agreement dated 14.07.2022.

The Corporate Debtor stood as a Guarantor to the Loan Facility provided to the Borrower.

…

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the I&B Code is …

**Ratio:** The Bench considered the material on record and found the Petition under section 7 filed

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**Reasoning:** The Bench perused the documents and

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**Interpretation:** The application met the

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**Application:** The Bench admitted the Petition

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** VSJ Investment…
- **Respondents:** MAGIC EXPRESS…
- **Other parties:** Chemex Goods…; PIRAMAL CAPITAL &…; +1 more
- **Advocates:** Kirti Ka…

## Timeline

- **2021-03-31 — Date of D…**: The Date of Default is…
- **2022-04-23 — Petition…**: The Petition is filed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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