# M/s. Kaliber Associates Private Limited vs. M/s. J.R. Modi Associates Private Limited

> NCLT judgment dated 2025-07-10. Citation: TCN-2025-NCLT-00771. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 10 Jul 2025
- **Citation:** TCN-2025-NCLT-00771
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/ms-kaliber-associates-private-limited-vs-ms-jr-modi-associates-private-limited-s1uqf

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by M/s. Kaliber Associates Private Limited (through its liquidator, Mr. Mohan Lal Jain) against M/s. J.R. Modi Associates Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 9,05,00,000/-. The financial creditor, M/s. Kaliber Associates Private Limited, is currently undergoing liquidation.

## Facts

M/s. Kaliber Associates Private Limited 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 Private Limited.

The claim relates to a default in repayment of financial debt amounting to Rs. 9,05,00,000/-.

M/s. Kaliber Associates Private Limited is undergoing liquidation.

Mr. Mohan Lal Jain is the Liquidator for M/s. Kaliber Associates Private Limited.

The Corporate Debtor, M/s. J.R. Modi Associates Limited, was incorporated on 06.03.1997 under the provisions of the Companies Act, 1956.

The Applicant/Financial Creditor disbursed various loans and advances to the Corporate Debtor aggregating to a sum of ₹29,05,00,000/-.

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## Issues and analysis

### Issue 1: Whether the amount disbursed by the Applicant to the Corporate Debtor can be considered a …

**Ratio:** The essential elements of a financial debt are (i) disbursal, and (ii) the time value of

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**Reasoning:** The Adjudicating Authority relied on the judgment of the Hon'ble Supreme Court in M/s

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**Interpretation:** As per the definition of "Financial Debt" under Section 5(8) of the

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**Application:** In this case, the amount disbursed by the Applicant to the Corporate Debtor as

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** M/s. Kaliber…
- **Respondents:** M/s. J.R. Modi…
- **Other parties:** M/s. Kaliber…; Rajiv B…; +3 more
- **Advocates:** Anirban Bhattachar…; Rajeev Cho…; +2 more

## Timeline

- **2019-01-31 — Demand Notice…**: Interim Resolution Professional issued a demand notice to the Directors of the Corporate…
- **2019-05-10 — Notice Regarding…**: Resolution Professional informed the Directors of the Corporate Debtor that an amount of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(1) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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