# In the matter of Indo Laminates Pvt. Ltd.

> NCLT judgment dated 2025-08-05. Citation: TCN-2025-NCLT-01300. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Mr.…

- **Court:** NCLT
- **Order date:** 5 Aug 2025
- **Citation:** TCN-2025-NCLT-01300
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/indo-laminates-pvt-ltd-ae1e26e2

## Summary

### Background

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Mr. Akshay Kumar Rout, seeking initiation of CIRP against Indo Laminates Pvt. Ltd. for a default amount of Rs. 1,13,45,000/- as on 03.05.2025.

## Facts

Mr. Akshay Kumar Rout filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP 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 to the corporate debtor amounting to Rs. 1,05,00,000/- at an interest rate of 18% per annum.

A loan agreement was executed on 01.03.2025.

The corporate debtor defaulted in repayment of the financial assistance.

The applicant sent a loan demand cum legal recall notice dated 03.05.2025.

The respondent acknowledged the liability but cited a fire incident as the reason for not being able to repay the amount.

The loan agreement was executed after the disbursal of the loan amount.

…

## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The application under Section 7 of IBC can be admitted if there is a debt due and the

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**Reasoning:** The Adjudicating Authority observed that the loan agreement was executed after the

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**Interpretation:** The Adjudicating Authority interpreted that the applicant was seeking recovery

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**Application:** The Adjudicating Authority dismissed the application filed under Section 7 of

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** Akshay Kuma…
- **Respondents:** Indo Laminates…
- **Advocates:** Ashish…; Akash M…; +2 more

## Timeline

- **01.03.2025 — Loan Agreement…**: A loan agreement was executed between the Applicant/Financial Creditor and the…
- **03.05.2025 — Default…**: The date on which the default occurred…

## 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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