# Swatee Agarawal vs. Wcube Solutions Pvt. Ltd

> NCLT judgment dated 2026-05-08. Citation: TCN-2026-NCLT-00526. Swatee Agarawal (Financial Creditor) filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 8 May 2026
- **Citation:** TCN-2026-NCLT-00526
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/swatee-agarawal-vs-wcube-solutions-pvt-ltd-ys96b

## Summary

### Background

Swatee Agarawal (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Wcube Solutions Pvt. Ltd (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The petition stemmed from a default on a term loan of INR 1,50,00,000/- disbursed on 09.05.2024, with a maturity date of 09.05.2025. The Corporate Debtor failed to repay the principal amount and accrued interest at 22% p.a., despite repeated acknowledgments of the debt and assurances of repayment through various email communications. The default was also recorded and authenticated by the National E-Governance Services Limited (NeSL). The Corporate Debtor attempted to offer a settlement, but the Financial Creditor explicitly declined.

## Facts

Swatee Agarawal (Financial Creditor) preferred a petition under Section 7 of the IBC, 2016, to initiate CIRP against Wcube Solutions Pvt. Ltd (Corporate Debtor).

The Corporate Debtor secured a loan of INR 1,50,00,000/- from the Financial Creditor via a Term Loan Agreement (TLA) dated 07.05.2024.

The Financial Creditor disbursed the principal amount to the Corporate Debtor on 09.05.2024, with a maturity period of one year, i.e., until 09.05.2025.

The Corporate Debtor failed to repay the principal amount along with accrued interest at 22% p.a.

On 02.05.2025, the Financial Creditor sent a reminder email, and the Corporate Debtor acknowledged the debt and assured repayment by May 2025.

On 09.05.2025, the contractual maturity period ended, but no repayment was made.

…

## Issues and analysis

### Issue 1: Whether the Financial Creditor has established the existence of a financial debt and a default by …

**Ratio:** The NCLT found that the Financial Creditor successfully established the existence of a

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**Reasoning:** The Corporate Debtor obtained a loan, failed to repay it by the maturity date, and

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**Interpretation:** Section 7 of the IBC requires the adjudicating authority to determine if a

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**Application:** In this case, the principal amount of INR 1,50,00,000/- and accrued interest of

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## Parties

- **Judges:** Sh. Ashok Kumar…; ATUL CHAT…
- **Appellants:** Swatee Ag…
- **Respondents:** Wcube Solutions…
- **Other parties:** Kunwarpreet…
- **Advocates:** Shruti Ka…; Rishabh…; +3 more

## Timeline

- **2024-05-07 — Term Loan Agreement…**: Term Loan Agreement (TLA) executed between Swatee Agarawal (Financial Creditor) and Wcube…
- **2024-05-08 — Initial Wit…**: Initial withdrawal of INR 1,50,00,000.00 from Swatee Agarawal's HDFC account (as per bank…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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