Aka Supplychain Solutions Private Limited Vs Ecolex Industrial Products Private Limited (NCLT Ahmedabad)
The case concerns an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Financial Creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for a default amount of ₹1,16,91,726 as on 31.07.2024, with the date of default being 26.04.2024. The Financial Creditor, a financial institution based in Thane, Maharashtra, filed the application through its Director, duly authorized by a Board Resolution dated 09.08.2024. The Corporate Debtor, earlier known as Rucha Ceramic Private Limited, was incorporated on 13.04.2022 and is registered in Gandhinagar, Gujarat.
The Financial Creditor nominated Mr. Rahul Nareshbhai Shah, PCA, as the Interim Resolution Professional (IRP), who submitted the required written communication in compliance with Rule 9(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The records show that the Financial Creditor disbursed an unsecured loan between October 2023 and March 2024, totaling ₹1,14,32,000, with an interest amount of ₹2,59,726 calculated at 0.75% per month, making the total claim ₹1,16,91,726.
The loan was sought by the Corporate Debtor through a letter dated 25.09.2023, requesting a short-term business loan of up to ₹1.20 crore for six months, to be disbursed in parts and repaid within six months from the first disbursement. The request was approved by the Financial Creditor’s Board on 03.10.2023, followed by a formal approval letter on 04.10.2023. A short-term loan agreement dated 15.03.2024 was executed between both parties, stipulating repayment by 25.04.2025. The loan was disbursed for a fixed tenure with agreed interest, thereby qualifying as financial debt under Section 5(8) of the IBC, being money disbursed against the time value of money.
