# In the matter of Bhasin Infotech & Infrastructure Private Limited IB-75(PB)-2018

> NCLT judgment dated 2018-06-13. Citation: TCN-2018-NCLT-01275. Rachel L. Chand, the Financial Creditor, filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 13 Jun 2018
- **Citation:** TCN-2018-NCLT-01275
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhasin-infotech-infrastructure-private-limited-ib-75pb-2018-56708a56

## Summary

### Background

Rachel L. Chand, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Bhasin Infotech & Infrastructure Private Limited, the Corporate Debtor. The Financial Creditor claimed a default on a financial debt granted to the Corporate Debtor. The Corporate Debtor opposed the application, arguing that the amount claimed was part consideration for a unit and not a time value of money. The Financial Creditor had placed on record copies of the letter of allotment, letter issued by the respondent, and legal notice sent on behalf of the applicant to the respondent.

## Facts

Rachel L. Chand, the 'Financial Creditor', filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Bhasin Infotech & Infrastructure Private Limited, the 'Corporate Debtor'. The Financial Creditor claimed a default on a financial debt. The Corporate Debtor was incorporated on 23.05.2006. The Financial Creditor granted a financial debt to the Corporate Debtor, and details of the disbursement were provided in the application. The principal amount in default as on 19.09.2015 was claimed to be Rs. 78,40,798.76/-. The Financial Creditor also placed on record copies of the letter of allotment dated 27.04.2010, letter dated 19.09.2015 issued by the respondent, and legal notice

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## Issues and analysis

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

**Ratio:** An application under Section 7 of the Code is maintainable when the disbursement of the

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**Reasoning:** The court reasoned that the disbursement of the amount was not disputed, and the default

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

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**Application:** In this case, the court found that the disbursement of the amount was not

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** Rachel L.…
- **Respondents:** Bhasin Infotech &…
- **Advocates:** Pramod…; Anmol St…; +3 more

## Timeline

- **2006-05-23 — Incorporation of…**: Bhasin Infotech & Infrastructure…
- **2010-04-27 — Allotment…**: Letter of allotment…

## Legal provisions

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

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