# In the matter of STUTI COMTRADE PRIVATE LIMITED

> NCLT judgment dated 2026-01-09. Citation: TCN-2026-NCLT-00041. Earls General Trading Private Limited filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 9 Jan 2026
- **Citation:** TCN-2026-NCLT-00041
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/stuti-comtrade-private-limited-0b4f6ea9

## Summary

### Background

Earls General Trading Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Stuti Comtrade Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on a default of Rs. 2,80,83,463/- including interest, arising from a loan agreement.

## Facts

The application was filed on 05.09.2024 by Earls General Trading Private Limited against Stuti Comtrade Private Limited.

The amount claimed to be in default is Rs. 2,80,83,463/- including interest.

The loan facility amounting to Rs. 1,34,00,000/- was extended by the Financial Creditor to the Corporate Debtor on 31.05.2018.

A Loan Agreement dated 15.06.2018 was executed between the Financial Creditor and the Corporate Debtor.

The Corporate Debtor failed to repay the loan by 30th May 2022, as per the agreement.

The Financial Creditor recalled the loan on 21.08.2022 and again on 22.06.2024.

The Corporate Debtor admitted its inability to repay the loan in a letter dated 10.10.2022.

The date of default is 30.05.2022 as per NeSL Form D.

## Issues and analysis

### Issue 1: Whether a financial debt exists and whether the Corporate Debtor has defaulted on its repayment …

**Ratio:** Section 5(8) of the IBC

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**Reasoning:** The NCLT examined the Loan Agreement, bank statements, and other documents to determine

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**Interpretation:** The NCLT interpreted the documents and the Corporate Debtor's admission of

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**Application:** The NCLT applied the definition of 'financial debt' under Section 5(8) of the

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Earls General…; Earls General…
- **Respondents:** Stuti Comtrade…; Stuti Comtrade…
- **Other parties:** Gomti Ramchandra…; Innoventive…
- **Advocates:** Smith…

## Timeline

- **2024-09-05 — Application…**: Earls General Trading Private Limited filed an…
- **2018-05-31 — Loan Disbur…**: Loan facility amounting to Rs. 1,34,00,000/-…

## 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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