# In the matter of Compuage Infocom Limited Vs. N/A

> HC judgment dated 24 Mar 2025. Citation: TCN-2025-HC-00060. Compuage Infocom Limited (“CIL”), an Indian-incorporated company, faced financial difficulties due…

- **Court:** HC
- **Order date:** 24 Mar 2025
- **Citation:** TCN-2025-HC-00060
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/gauhati-high-court-kohima/compuage-infocom-limited-810wo6op

## Summary

### Background

Compuage Infocom Limited (“CIL”), an Indian-incorporated company, faced financial difficulties due to a recession in the IT sector and stiff competition. To meet its working capital requirements, CIL entered into a loan agreement with another Indian company on 2 August 2021 but defaulted on repayments. Consequently, the creditor company initiated a Corporate Insolvency Resolution Process (“CIRP”) against CIL on 20 March 2023. The National Company Law Tribunal (“NCLT”) admitted the CIRP on 2 November 2023 and appointed an interim Resolution Professional (“RP”). Mr. Jain later replaced the interim RP. OA 1272 was filed by CIL on 5 December 2024 to obtain bank statements of CIL’s Singapore branch and to change the authorized signatory of those accounts to Mr. Jain. The

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## Facts

Compuage Infocom Limited (CIL), an Indian-incorporated company, faced financial difficulties due to a recession in the IT sector and stiff competition, leading to defaults on a loan agreement. As a result, a Corporate Insolvency Resolution Process (CIRP) was initiated against CIL in India on 20 March 2023, under s 7 of the Indian Insolvency and Bankruptcy Code 2016 (IBC). The National Company Law Tribunal (NCLT) admitted the CIRP on 2 November 2023, and Gajesh Labhchand Jain (“Mr. Jain”) was later appointed as the Resolution Professional (RP). CIL has a branch office in Singapore. OA 1272 was filed on 5 December 2024 by CIL and Mr. Jain to obtain bank statements of CIL's Singapore branch and to change the authorized signatory of those accounts to Mr. Jain. Mr. Jain

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## Issues and analysis

### Issue 1: Whether the CIRP is a …

**Ratio:** A "foreign proceeding" under Art 2(h) of the Model Law must be a collective

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**Reasoning:** The court considered the five requirements laid down in Ascentra Holdings: the proceeding

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**Interpretation:** Article 2(h) of the Model Law defines a "foreign proceeding" as a

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**Application:** The CIRP was initiated against CIL, an Indian company, under the IBC, a law

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## Parties

- **Judges:** Aidan Xu @ Aedit…
- **Appellants:** Compuage Infocom…

## Timeline

- **1999-01-01 — CIL Incorpo…**: CIL was incorporated under the…
- **2021-08-02 — Loan Agre…**: CIL entered into a loan agreement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 252 — Amendments of Act 1of 2004](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-252)

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