# M/s. Krone Finstock Private Limited vs. M/s. Krrish Realtech Private Limited

> NCLT judgment dated 2026-08-10. Citation: TCN-2026-NCLT-00822. M/s. Krone Finstock Private Limited (Financial Creditor) filed an application under Section 7…

- **Court:** NCLT
- **Order date:** 10 Aug 2026
- **Citation:** TCN-2026-NCLT-00822
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/ms-krone-finstock-private-limited-vs-ms-krrish-realtech-private-limited-r6lka

## Summary

### Background

M/s. Krone Finstock Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Krrish Realtech Private Limited (Corporate Debtor). The alleged default amount is Rs. 5,00,00,000/- principal along with Rs. 12,53,425/- interest, with the date of default stated as 25.10.2024. The Corporate Debtor acknowledged the loan and default but argued that its inability to repay was due to extraordinary circumstances, including regulatory and judicial restraints (DTCP order, Supreme Court status quo order, and Enforcement Directorate's attachment order) that had paralyzed its business operations and revenue generation.

## Facts

M/s. Krone Finstock Private Limited (Financial Creditor) filed an application under Section 7 of IBC, 2016, against M/s. Krrish Realtech Private Limited (Corporate Debtor).

The application seeks initiation of CIRP for an alleged default amount of Rs. 5,00,00,000/- principal plus Rs. 12,53,425/- interest.

The date of default is stated to be 25.10.2024.

The Financial Creditor is a company incorporated under the Companies Act, 1956, and filed the application through its Authorized Representative, Mr. Bankim Shah.

The Corporate Debtor is a Real Estate Company.

The Corporate Debtor was previously on the brink of CIRP due to an application filed by Mr. M.K. Jain, Ms. Neeru Jain, and their collective HUF for a purported default of Rs. 12,30,25,023/-.

…

## Issues and analysis

### Issue 1: Whether M/s. Krone Finstock Private Limited has established the existence of a financial debt and a …

**Ratio:** The Financial Creditor successfully demonstrated the existence of a financial debt and a

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**Reasoning:** The Financial Creditor placed on record the Loan Agreement dated 25.10.2024, RTGS

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**Interpretation:** The amount disbursed under the loan agreement, against consideration for the

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**Application:** Given the undisputed loan agreement, the RTGS transfer, the dishonored cheques,

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## Parties

- **Judges:** BACHU VENKAT…; RAVINDRA CHATURVED…
- **Appellants:** M/s. Krone…
- **Respondents:** M/s. Krrish…
- **Other parties:** Gaurang…; Waterfall…; +1 more
- **Advocates:** Arvind Nay…; Sanidhya…; +7 more

## Timeline

- **2024-10-25 — Loan Agreement and…**: Loan Agreement dated 25.10.2024 was entered into between M/s. Krone Finstock Private…
- **2024-12-25 — First Installment…**: The Corporate Debtor defaulted on the payment of its first installment, which was due on…

## 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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