# In the matter of Aditya Prints Private Limited CP(IB) 64 of 2021

> NCLT judgment dated 2022-05-10. Citation: TCN-2022-NCLT-04823. Vidhata Machinery Private Limited, claiming to be a Financial Creditor, filed an application…

- **Court:** NCLT
- **Order date:** 10 May 2022
- **Citation:** TCN-2022-NCLT-04823
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/aditya-prints-private-limited-cpib-64-of-2021-3b5ec373

## Summary

### Background

Vidhata Machinery Private Limited, claiming to be a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aditya Prints Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of an inter-corporate loan.

## Facts

Vidhata Machinery Private Limited filed an application against Aditya Prints Private Limited under Section 7 of the IBC, 2016.

The application was based on a default in repayment of an inter-corporate loan.

The applicant and corporate debtor entered into an Inter Corporate Loan Agreement dated 23.06.2011, with the applicant providing finance of Rs. 2,69,70,000/- at 12% interest.

The corporate debtor acknowledged the debt in letters dated 08.04.2017 and 10.01.2018 but stated it was facing financial crisis.

The corporate debtor admitted to owing Rs. 5,88,26,229/- including interest, as per the agreement.

The date of default was mentioned as 31.07.2017.

The applicant proposed Mr. Gordhanbhai Ratnabhai Godhani as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** The application is maintainable as the Corporate Debtor is in default of the debt owed to

…

**Reasoning:** The Corporate Debtor admitted to the debt and its inability to repay. The applicant has

…

**Interpretation:** Section 7 of the IBC allows a Financial Creditor to initiate CIRP against a

…

**Application:** The Adjudicating Authority found that the Corporate Debtor was in default, thus

…

## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** Vidhata Machinery…
- **Respondents:** Aditya Prints…
- **Other parties:** Rajat Agg…; Pankaj…; +1 more

## Timeline

- **2011-06-23 — Inter Corporate Loan…**: Applicant and Corporate Debtor entered…
- **2015-04-01 — Letter for Re…**: Applicant sent a letter to the…

## 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)

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