# Kaliber Associates Private Limited vs J R Modi Associates Limited

> NCLT judgment dated 2025-07-10. Citation: TCN-2025-NCLT-00772. M/s. Kaliber Associates Private Limited, through its Liquidator Mr. Mohan Lal Jain, filed a…

- **Court:** NCLT
- **Order date:** 10 Jul 2025
- **Citation:** TCN-2025-NCLT-00772
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/kaliber-associates-private-limited-vs-j-r-modi-associates-limited-5612c3ce

## Summary

### Background

M/s. Kaliber Associates Private Limited, through its Liquidator Mr. Mohan Lal Jain, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. J.R. Modi Associates Limited, the Corporate Debtor, due to default in repayment of a financial debt of Rs. 9,05,00,000/-.

## Facts

M/s. Kaliber Associates Private Limited, through its liquidator Mr. Mohan Lal Jain, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. J.R. Modi Associates Limited.

The Corporate Debtor defaulted on a financial debt of Rs. 9,05,00,000/-.

Kaliber Associates Private Limited is undergoing liquidation process.

The NCLT initially admitted the CIRP, but the order was set aside by NCLAT.

The Corporate Debtor claimed the amount was an advance against property.

The Applicant disbursed an aggregate sum of ₹29,05,00,000/- to the Corporate Debtor in multiple tranches.

The date of default is mentioned as 18.01.2019.

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## Issues and analysis

### Issue 1: Whether the amount disbursed by the Applicant to the Corporate Debtor qualifies as a 'financial …

**Ratio:** The amount disbursed qualifies as a financial debt under Section 5(8)(f) of the

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**Reasoning:** The transaction bears the commercial effect of borrowing, and the element of disbursal is

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**Interpretation:** Section 5(8)(f) includes any amount raised under any other transaction,

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**Application:** The Adjudicating Authority applied the definition of 'financial debt' under

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Kaliber Associates…; Mohan Lal…
- **Respondents:** J.R. Modi…
- **Other parties:** Rajiv B…; Ritu Ra…
- **Advocates:** Anirban Bhattachar…; Rajeev Cho…; +2 more

## Timeline

- **2019-01-31 — Demand N…**: Interim Resolution Professional of M/s Kaliber Associates Pvt. Ltd., Mr. Vinay Talwar,…
- **2020-01-02 — Liquidation…**: NCLT, New Delhi order dated 02.01.2020 in C.A. 1524/ND/2019 in CP(IB)No. 228/2018 wherein…

## 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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