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

> NCLT judgment dated 2022-05-10. Citation: TCN-2022-NCLT-04821. Vidhata Machinery Private Limited, claiming to be a Financial Creditor, filed an application…

- **Court:** NCLT
- **Order date:** 10 May 2022
- **Citation:** TCN-2022-NCLT-04821
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/aditya-prints-private-limited-cpib-64-of-2021-5e731bc0

## 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 under Section 7 of the IBC against Aditya Prints Private Limited.

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

An Inter Corporate Loan Agreement was entered into between the applicant and the corporate debtor on 23.06.2011.

The applicant provided finance of Rs. 2,69,70,000/- with 12% interest.

The corporate debtor acknowledged the debt in letters dated 08.04.2017 and 10.01.2018.

The corporate debtor cited financial difficulties and the Covid-19 pandemic as reasons for its inability to repay the loan.

The date of default was mentioned as 31.07.2017.

The applicant proposed the name of Mr. Gordhanbhai Ratnabhai Godhani to be appointed as Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The application is maintainable if

…

**Reasoning:** The applicant has provided evidence of a debt and a default in repayment by the corporate

…

**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP if a default

…

**Application:** The Adjudicating Authority found that the claim was established and that there

…

## Parties

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

## Timeline

- **2011-06-23 — Inter Corporate Loan…**: Applicant and Corporate Debtor entered…
- **2015-04-18 — Supplementary Inter…**: Applicant and Corporate Debtor entered into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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