# In the matter of INDO LAMINATES PRIVATE LIMITED

> NCLT judgment dated 2026-03-13. Citation: TCN-2026-NCLT-00259. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 13 Mar 2026
- **Citation:** TCN-2026-NCLT-00259
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/indo-laminates-private-limited-9c25fd19

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Akshay Kumar Rout (Prop. of Jagannath Traders) against Indo Laminates Pvt. Ltd. for an alleged default amount of Rs. 1,13,45,000/- as of 03.05.2025. The application was initially admitted, then set aside by NCLAT, and remanded back for fresh hearing.

## Facts

Akshay Kumar Rout, Prop. of Jagannath Traders, filed an application under Section 7 of the IBC against Indo Laminates Pvt. Ltd.

The alleged default amount was Rs. 1,13,45,000/- as on 03.05.2025.

The Applicant granted financial assistance of Rs. 1,05,00,000/- to the Corporate Debtor at an 18% interest rate.

A loan agreement was executed between the Applicant/Financial Creditor and the Respondent/Corporate Debtor on 01.03.2025.

The Corporate Debtor defaulted in repayment.

A demand cum loan recall notice was sent on 03.05.2025.

The Corporate Debtor acknowledged the liability but cited a fire incident as the reason for financial distress.

The Corporate Debtor admitted to availing a financial facility of Rs. 1,05,00,000/-.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 fulfills the …

**Ratio:** The Adjudicating Authority must be satisfied that a default has occurred and that the

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**Reasoning:** The Adjudicating Authority considered the admitted debt, the default, and the documents

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**Interpretation:** The Authority interpreted the evidence as sufficient to establish a default and

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**Application:** Based on the facts and circumstances, the

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## Parties

- **Judges:** BACHU VENKAT…; RAVINDRA CHATURVED…
- **Appellants:** Akshay Kuma…
- **Respondents:** Indo Laminates…; Indo Laminates…
- **Other parties:** Anil Kou…; Rajneesh Kumar…
- **Advocates:** Vipul G…; Akash M…; +2 more

## Timeline

- **01.03.2025 — Loan Agre…**: Loan agreement executed between Applicant/Financial Creditor and Respondent/Corporate…
- **03.05.2025 — Default…**: Date of default and when the…

## 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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