# In the matter of R M BHUTHER AND COMPANY LIMITED

> NCLT judgment dated 2025-09-04. Citation: TCN-2025-NCLT-01330. JM Financial Credit Solutions Limited filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 4 Sept 2025
- **Citation:** TCN-2025-NCLT-01330
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/r-m-bhuther-and-company-limited-f333cd25

## Summary

### Background

JM Financial Credit Solutions Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against R.M. Bhuther and Company Limited, seeking commencement of Corporate Insolvency Resolution Process (CIRP).

## Facts

JM Financial Credit Solutions Limited, a Non-Banking Financial Company, filed an application against R.M. Bhuther and Company Limited under Section 7 of the IBC.

The amount claimed to be in default is INR 332,80,53,230/-, with the date of default stated as 17th August, 2023.

JM Financial Credit Solutions Limited had sanctioned six Loan Facilities aggregating to INR 288.20 crores to M/s. HEM Bhattad, an Association of Persons (‘AOP') which includes the Corporate Debtor.

The Corporate Debtor executed corporate guarantees in favor of the Financial Creditor for securing the loan facilities.

The Borrower committed defaults in terms of the Loan Agreements, including failure to pay installments and interest.

…

## Issues and analysis

### Issue 1: Whether the application is barred …

**Ratio:** The principle of res judicata does not apply if the previous petition was withdrawn and

…

**Reasoning:** The previous petitions, CP(IB) No. 86(MB)/2024 and CP No. 781 of 2021, were either

…

**Interpretation:** The withdrawal of a petition without adjudication does not prevent the filing

…

**Application:** The Adjudicating Authority rejected the plea of res judicata as the previous

…

## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** JM Financial…
- **Respondents:** R.M. BHUTHER AND…
- **Other parties:** Harishkumar…; Gajesh Labhchand…
- **Advocates:** Shyam Ka…; Ravites Chi…; +5 more

## Timeline

- **19.02.2025 — Application…**: JM Financial Credit Solutions Limited filed an application under Section 7 of the…
- **17.08.2023 — Date of D…**: The date of default is…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/r-m-bhuther-and-company-limited-f333cd25