# In the matter of IFCI Ltd. Vs. Golf technologies Private Limited & Ors. CA(AT)(Insolvency) 497 & 498 -2018

> NCLAT judgment dated 2019-04-23. Citation: TCN-2019-NCLAT-00648. The case involves two appeals against orders passed by the Adjudicating Authority (National…

- **Court:** NCLAT
- **Order date:** 23 Apr 2019
- **Citation:** TCN-2019-NCLAT-00648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ifci-ltd-vs-golf-technologies-private-limited-ors-ca-022610c8

## Summary

### Background

The case involves two appeals against orders passed by the Adjudicating Authority (National Company Law Tribunal), New Delhi Bench, rejecting applications filed under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Appellant, IFCI Limited, filed petitions for initiation of Corporate Insolvency Resolution Process against M/s. Golf Technologies Pvt. Ltd. and M/s. Cedar Infonet Pvt. Ltd., both related to financial debts. The Adjudicating Authority rejected the applications, leading to the appeals before the NCLAT.

## Facts

IFCI Limited filed applications under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against M/s. Golf Technologies Private Limited and M/s. Cedar Infonet Pvt. Ltd. The applications were rejected by the Adjudicating Authority. IFCI Limited had granted loans to M/s. Cedar Infonet Private Limited, which failed to repay the financial debt of Rs.12,24,62,314. M/s. Golf Technologies Pvt. Ltd. had executed a registered deed of mortgage incorporating covenants of guarantee dated 19th October, 2012 to secure the repayment of loan and advances aggregating to Rs.150 Crores granted by IFCI Limited to M/s. Cedar Infonet Private Limited. The Adjudicating Authority rejected the application under Section 7 against M/s. Cedar

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in rejecting the applications under Section 7 of the …

**Ratio:** The Hon'ble Supreme Court held in “Innoventive Industries Ltd. vs. ICICI Bank and Anr.–

…

**Reasoning:** The Adjudicating Authority wrongly rejected both the applications under Section 7

…

**Interpretation:** The interpretation of Section 7 of the IBC and the Supreme Court's ruling in

…

**Application:** The NCLAT applied the ratio of Innoventive Industries Ltd. to the facts of the

…

## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** IFCI Li…
- **Respondents:** M/s. Golf…; M/s. Golf…
- **Advocates:** Sushil…; Ashok Kuma…; +2 more

## Timeline

- **2010-08-23 — Sanction…**: Sanction letter for…
- **2011-05-11 — Sanction…**: Sanction letter for corporate…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/ifci-ltd-vs-golf-technologies-private-limited-ors-ca-022610c8