# In the matter of Antal Infotech Pvt. Ltd. C.P. (IB) No. 198-BB-2020

> NCLT judgment dated 2020-09-23. Citation: TCN-2020-NCLT-00544. The case pertains to an application filed by Antal Infotech Private Limited under Section 10 of…

- **Court:** NCLT
- **Order date:** 23 Sept 2020
- **Citation:** TCN-2020-NCLT-00544
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/antal-infotech-pvt-ltd-cp-ib-no-198-bb-2020-f1e98491

## Summary

### Background

The case pertains to an application filed by Antal Infotech Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Antal Infotech, an IT staffing services company, faced financial difficulties due to various factors, including the decline in business from a major client (Dell), challenges in raising funds, and an overall economic slowdown. The company defaulted on its debt obligations to banks, NBFCs, individuals, and operational creditors. Despite efforts to revive the business, the company's liabilities exceeded its assets, leading to the application for CIRP.

## Facts

Antal Infotech Private Limited, incorporated on 2014-08-01, provides IT staffing services. The company faced financial difficulties due to a decline in business from Dell, challenges in raising funds, and an economic slowdown. As of 2020-02-29, the company had significant debts, including Rs. 27,73,347/- owed to banks and NBFCs, Rs. 13,17,955/- in Compulsorily Convertible Debentures, Rs. 91,89,800/- owed to individuals, Rs. 96,15,036/- in other loans/financial liabilities, and Rs. 7,75,92,688/- owed to operational creditors. The company's efforts to revive the business included a deal with Buzzworks to build a 50-100 Crore INR annual revenue portfolio. However, the company's liabilities exceeded its assets, and it was unable to repay its debts. The Board of Directors

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## Issues and analysis

### Issue 1: Whether the Corporate Applicant has committed a default as defined under the Insolvency and …

**Ratio:** Section 4 of the IBC, 2016 defines default as non-payment of debt when whole or any part

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**Reasoning:** The Corporate Applicant has admitted to being unable to pay its debts to various

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**Interpretation:** The definition of default under Section 4 of the IBC is interpreted to mean

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**Application:** In this case, Antal Infotech has failed to pay its debts to various creditors,

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** Antal Infotech…

## Timeline

- **2014-08-01 — Incorporation of Antal…**: Antal Infotech Private Limited was incorporated with the objective of providing IT…
- **2016-01-01 — Company finds Pinnacle…**: Company found Pinnacle Capital Solutions, an NBFC which gave 1 Crore INR credit line for…

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