# In the matter of MANHAR LOGISTICS PRIVATE LIMITED

> NCLT judgment dated 2025-02-28. Citation: TCN-2025-NCLT-01096. Regency Fincorp Limited, as the Financial Creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 28 Feb 2025
- **Citation:** TCN-2025-NCLT-01096
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/manhar-logistics-private-limited-63beb7b3

## Summary

### Background

Regency Fincorp Limited, as the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Manhar Logistics Private Limited, the Corporate Debtor, due to a default in payment.

## Facts

Regency Fincorp Limited filed a petition under Section 7 of the IBC to initiate CIRP against Manhar Logistics Private Limited.

The Corporate Debtor defaulted on a payment of INR 1,32,98,556.66, inclusive of interest at 24% p.a., as of 01.07.2022.

A tripartite agreement dated 31.03.2022 was entered into between the Financial Creditor, Corporate Debtor, and Bee Tee Credit & Marketing Private Limited, where the loan was to be repaid with 24% interest.

The Financial Creditor disbursed Rs. 1,04,00,000/- to the Corporate Debtor as per the tripartite agreement.

The Financial Creditor issued recovery letters to the Corporate Debtor requesting repayment of the outstanding amount.

The Corporate Debtor acknowledged the debt but failed to repay it.

…

## Issues and analysis

### Issue 1: Whether the petition falls within the ambit of Section 7 of the Insolvency and Bankruptcy Code, …

**Ratio:** The petition falls under Section 7 if there is a debt owed to the Financial Creditor and

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**Reasoning:** The Adjudicating Authority examined the documents and found that a debt existed and the

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**Interpretation:** Section 7 allows a Financial Creditor to initiate CIRP if a Corporate Debtor

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**Application:** The Adjudicating Authority applied Section 7 and admitted the petition after

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** M/s. Regency…
- **Respondents:** M/s. Manhar…
- **Other parties:** Gagan G…
- **Advocates:** Pranam…; Gursat…; +1 more

## Timeline

- **2022-12-08 — Petition…**: The present petition was filed…
- **2022-07-01 — Date of D…**: The Corporate Debtor defaulted on a payment of INR 1,32,98,556.66, inclusive of interest…

## 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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