# In the matter of Bluefern Venture Pvt. Ltd. CP(IB)-65-GB-2018 Dy No3(133) of 2018

> NCLT judgment dated 2018-12-21. Citation: TCN-2018-NCLT-00027. Dena Bank, a financial creditor, filed an application under Section 7 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 21 Dec 2018
- **Citation:** TCN-2018-NCLT-00027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bluefern-venture-pvt-ltd-cpib-65-gb-2018-dy-no3133-of-2018-f99a5927

## Summary

### Background

Dena Bank, a financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s. Bluefern Venture Pvt. Ltd. The application was based on the corporate debtor's failure to repay a term loan facility of Rs. 27,45,30,410.00. The financial creditor had previously taken steps to serve notice to the corporate debtor, and the court noted that the corporate debtor did not appear despite service of notice.

## Facts

Dena Bank, the financial creditor, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against M/s. Bluefern Venture Pvt. Ltd., the corporate debtor. The corporate debtor had been granted a term loan facility of Rs. 27,45,30,410.00. In 2013, the corporate debtor approached the financial creditor for an additional term loan of Rs. 1861 lakhs to restructure the original loan. The financial creditor restructured the loan and granted an additional loan. The corporate debtor executed deeds of mortgage, hypothecation, and other security documents. The project was delayed, and the financial creditor requested the corporate debtor to provide observations regarding the delay. The corporate debtor admitted the delay. The corporate

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## Issues and analysis

### Issue 1: Whether the application filed by the financial creditor under Section 7 of the Insolvency & …

**Ratio:** Section 7 of the Insolvency & Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court found that the application was complete in all respects, as it contained the

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**Interpretation:** Section 7 of the IBC provides the mechanism for financial creditors to trigger

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**Application:** The court applied the provisions of Section 7 of the IBC and Rule 4 of the

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## Parties

- **Judges:** P. K. S…
- **Appellants:** Dena…
- **Respondents:** M/s. Bluefern…
- **Advocates:** Gaurav Kha…

## Timeline

- **2010-11-23 — Loan San…**: Financial Creditor granted loan to…
- **2013-02-06 — Loan Restru…**: Financial Creditor restructured the loan and…

## 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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