Under Section 7 IBC, upon proof of financial debt exceeding Rs.1 Crore threshold and default, even if admitted by corporate debtor, petition must be admitted, CIRP initiated, moratorium declared, and IRP appointed.

O R D E R

(Heard Through Hybrid Mode)

1. This petition CP IB 94 CHE 2025 has been filed by SVL Limited as financial creditor on 22.04.2025 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter referred to as “the Code”) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (hereinafter referred to as “the AAA Rules”) for initiating Corporate Insolvency Resolution Process (hereinafter referred to as “CIRP”) against Abhiyantha Project Engineering Private Limited the Corporate Debtor (CD).

2. Petitioner is a public limited company in Chennai. Corporate Debtor is a limited company having registered office at Chennai and was incorporated on 20.04.2004 with CIN No U51229TN2004PLC053001. It is stated Corporate Debtor approached the petitioner to avail loan for its business expansion plans. It is stated that the loan was for a short period and repayable on demand. The loan is also reflected in the books of accounts of the Corporate Debtor. Further, it is stated that Corporate Debtor acknowledged the debt on 17.08.2022, 14.07.2023 and 16.08.2024. It is stated that as per latest confirmation of balance , the loan amount due and outstanding is reflected to be Rs. 13,46,55,499.

3. It is stated that petitioner issued a demand notice on 20.01.2025 seeking that outstanding dues are paid within seven days from receipt of the notice but Corporate Debtor did not pay. Consequently the debt of Rs.13,46,55,499/- was defaulted by Corporate Debtor and date of default is 27.01.2025.

4. In Part III of the petition, petitioner recommended the name of Mr. Amier Hamsa Ali Abbas Rawther ( IBBI/IPA-01/IP-P01727/2019- 2020/12620), R094, SBIOA Unity Enclave,Mambakkam Post, Near Shiva temple, Chennai -600127 . Written consent from proposed IRA was also obtained.

5. As per Part IV of the petition, the date of default is 27.01.2025 and the amount in default is Rs. 13,46,55.459/- ( Rs. Thirteen crore forty six lakhs fifty five thousand and four hundred and fifty nine only). Following documents are enclosed with petition to support debt and default claim:

a. Copy of demand notice sent by the Financial Creditor to the Corporate Debtor dated 20.01.2025.

b. Copy of the Audited Financials of the Financial Creditor for the last 3 years. [Annexure L]

c. Copy of the Master Data of the Financial Creditor as taken from MCA website.

d. Copy of the Master Data taken from the MCA website, of the Corporate Debtor.

e. Copy of the Record of Default issued by the National E-Governance Services Limited in Form C.

f. Copy of the Audited Financials of the Corporate Debtor for the last 3 financial years.

Submissions by Petitioner:

6. It is stated that Petitioner SVL Limited is a Public Limited Company. was desirous of expanding its business and hence approached Petitioner to avail a loan for the said purpose. It is stated that the petitioner advanced a loan which is reflected in the Audited Balance Sheet of the Respondent. The said loan was to be repaid within a short period, or upon the demand of Petitioner, by Respondent.

7. It is stated that loan to be repaid was periodically acknowledged by the Respondent inter-alia on 17.08.2022, 14.07.2023 and 16.08.2024. Even as per the latest confirmation sent by the Respondent, the loan amount due and outstanding to be paid to the Petitioner is reflected to be a sum of Rs. 13,46,55,499/-. It is stated that despite several oral requests made for repayment of amounts advanced, no payments were forthcoming fr