# In the matter of Bliss Inns Private Limited

> NCLT judgment dated 2025-08-05. Citation: TCN-2025-NCLT-01257. Laxmi Publications Pvt. Ltd. filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Aug 2025
- **Citation:** TCN-2025-NCLT-01257
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/bliss-inns-private-limited-da18233a

## Summary

### Background

Laxmi Publications Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Bliss Inns Pvt. Ltd., alleging default on a financial debt.

## Facts

Laxmi Publications Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Bliss Inns Pvt. Ltd. (Corporate Debtor).

The Financial Creditor claimed a default on a financial debt amounting to Rs. 2,45,57,383/- as on 05.10.2019, including principal and interest.

The Corporate Debtor admitted to the principal outstanding amount of Rs. 1,14,75,427/- but vehemently denied the claimed interest amount of Rs. 1,30,81,956/- at 24% per annum.

The Corporate Debtor argued that the agreed interest rate was 12% at the time of issuance of the loan.

The Financial Creditor relied on its own balance sheets, ledger entries, and alleged acknowledgments in the Corporate Debtor's books to establish the existence of a financial debt.

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## Issues and analysis

### Issue 1: Whether the applicant has sufficiently established the existence of a 'financial debt' as defined …

**Ratio:** The existence of a 'financial debt' under Section 5(8) of the IBC requires disbursement

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**Reasoning:** The Adjudicating Authority found that the applicant's evidence, including balance sheets

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**Interpretation:** The 'time value of money' is a crucial element in determining whether a debt

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**Application:** In this case, the applicant failed to demonstrate that the disbursement was

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Laxmi Publications…
- **Respondents:** Bliss Inns Pvt.…
- **Other parties:** Saurabh…; Aryaman…; +9 more
- **Advocates:** Anurag M…; Ayush Y…; +5 more

## Timeline

- **05.10.2019 — Date of D…**: The date of default in the…
- **06.08.2024 — Application…**: The Section 7 Application…

## 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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