# In the matter of Sanika Assets Management and Investment Private Limited IA 1607-2022 in CP (IB) No. 824-MB-IV-2021

> NCLT judgment dated 2023-06-14. Citation: TCN-2023-NCLT-05453. An application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code)…

- **Court:** NCLT
- **Order date:** 14 Jun 2023
- **Citation:** TCN-2023-NCLT-05453
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/sanika-assets-management-and-investment-private-limited-ia-1607-2022-in-cp-ib-no-5dc7a300

## Summary

### Background

An application was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) to initiate Corporate Insolvency Resolution Process (CIRP) against Sanika Assets Management & Investments Private Limited, the Corporate Debtor. The applicant, Alan C.W. Tang, is the Trustee in Bankruptcy of Bhupendra Jivrajbhai Surani.

## Facts

Alan C.W. Tang, as Trustee in Bankruptcy of Bhupendra Jivrajbhai Surani, filed an application under Section 7 of the I&B Code to initiate CIRP against Sanika Assets Management & Investments Private Limited.

The Financial Creditor claimed Rs. 32,38,00,000/- lent to/invested in the Corporate Debtor in March 2007.

Bhupendra Jivrajbhai Surani was adjudged a bankrupt by the High Court of Hong Kong in Bankruptcy Petition No. 12522/2009.

The Corporate Debtor argued that the petition was barred by limitation and res judicata.

The Tribunal found no evidence to substantiate that the amount claimed as investment was liable to be repaid by the Corporate Debtor.

The Tribunal found that no default had been proved.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the I&B Code is maintainable for initiating CIRP …

**Ratio:** The application is not

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**Reasoning:** The Tribunal found that no evidence was brought on record to substantiate that the amount

…

**Interpretation:** For an application under Section 7 to be maintainable, there must be evidence

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**Application:** Since the Tribunal found no evidence of a financial debt or a default, the

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Bhupendra…
- **Respondents:** Sanika Assets…
- **Other parties:** Alan CW…; Rajesh S…; +1 more
- **Advocates:** Khemka & Associate…

## Timeline

- **2021-07-27 — Application…**: C.P. (IB) No. 824/MB/C-IV/2021…
- **2022-04-29 — Affidavit…**: The authorised representative of the Bankruptcy trustee filed an Affidavit stating that…

## 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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