# Ratnaafin Capital Private Limited vs. Kamdar Plastic Private Limited

> NCLT judgment dated 2026-08-11. Citation: TCN-2026-NCLT-00812. Ratnaafin Capital Private Limited (Financial Creditor) filed an application under Section 7 of…

- **Court:** NCLT
- **Order date:** 11 Aug 2026
- **Citation:** TCN-2026-NCLT-00812
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/ratnaafin-capital-private-limited-vs-kamdar-plastic-private-limited-tjv04

## Summary

### Background

Ratnaafin Capital Private Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kamdar Plastic Private Limited (Corporate Debtor). The Financial Creditor had extended a Purchase Bill Discounting Facility of Rs. 2,00,00,000/- to M/s. Kamdar Plastics (Principal Borrower), with Kamdar Plastic Private Limited acting as a Corporate Guarantor. The Financial Creditor claimed a default of Rs. 1,31,58,389/- as of May 9, 2025, after accounting for repayments and security deposit adjustments. The Corporate Debtor contended that the loan was wrongfully recalled, payments were made after the recall notice, the account was never declared an NPA, and the guarantee invocation was premature.

## Facts

Ratnaafin Capital Private Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, against Kamdar Plastic Private Limited (Corporate Debtor) on July 5, 2025.

The Financial Creditor sanctioned a Purchase Bill Discounting Facility of Rs. 2,00,00,000/- to M/s. Kamdar Plastics (Principal Borrower).

Kamdar Plastic Private Limited (Corporate Debtor) executed a Deed of Corporate Guarantee on October 2, 2023, for the said facility.

The Financial Creditor issued a Loan Recall Notice dated November 3, 2024, to both the Principal Borrower and the Corporate Debtor.

The Financial Creditor invoked the Corporate Guarantee by notice dated May 13, 2025, addressed to the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt and a default by the Corporate Debtor under Section 7 of the …

**Ratio:** The execution of the Facility Agreement and the Deed of Guarantee, along with the

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**Reasoning:** The Corporate Debtor did not specifically deny the execution of the Facility Agreement or

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**Interpretation:** Section 5(8) of the IBC defines "financial debt" broadly to include

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**Application:** The Financial Creditor provided sanction letters, loan agreements, deed of

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Ratnaafin Capital…
- **Respondents:** Kamdar Plastics…
- **Other parties:** Committee of…; Jigar Tarunkumar…
- **Advocates:** Arjon S…; Amish S.…; +3 more

## Timeline

- **2023-05-02 — Authority Lett…**: Mr. Ranpreet Gandhi, authorised signatory of Ratnaafin Capital Private Limited, affirmed…
- **2023-09-04 — Loan Sanction Letter…**: Financial Creditor issued a Sanction Letter for a loan of Rs. 2,00,00,000/- to M/s.…

## 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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