# In the matter of Rajdeep Distributors Private Limited

> NCLT judgment dated 2023-07-17. Citation: TCN-2023-NCLT-05308. The case involves a petition filed by Karban Traders, the Financial Creditor, under Section 7…

- **Court:** NCLT
- **Order date:** 17 Jul 2023
- **Citation:** TCN-2023-NCLT-05308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/rajdeep-distributors-private-limited-24fdf7ae

## Summary

### Background

The case involves a petition filed by Karban Traders, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rajdeep Distributors Private Limited, the Corporate Debtor.

## Facts

Karban Traders filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of CIRP against Rajdeep Distributors Private Limited.

The Corporate Debtor was incorporated on 10.06.1996 under the Companies Act, 1956.

The total amount of debt alleged to be in default is Rs. 11,25,63,661/-.

The date of default is 01.10.2020 for an amount of Rs. 95,00,000/- and 01.10.2021 for an amount of Rs. 6,71,08,144/-.

The Corporate Debtor admitted to the debt and default in its Affidavit in Reply.

Mr. Arun Nandlal Agrawal was proposed as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the Corporate Debtor is in default of a …

**Ratio:** The Corporate Debtor admitted to the debt and default, and the default exceeded the

…

**Reasoning:** The Adjudicating Authority considered the Corporate Debtor's admission of debt and

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**Interpretation:** The admission of debt and default by the Corporate Debtor establishes a clear

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**Application:** The Adjudicating Authority applied the provisions of Section 7 of the IBC and

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## Parties

- **Judges:** Anu Jagmoha…; H.V. Subb…
- **Appellants:** Karban Tr…
- **Respondents:** Rajdeep Distributo…
- **Other parties:** Arun Nandlal…
- **Advocates:** Agam H.…

## Timeline

- **2023-07-17 — Order Sheet of the…**: Order sheet of the…
- **2020-10-01 — Date of D…**: Date of default is 01.10.2020 for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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