# In the matter of Cybermate Infotek Limited CP(IB) No.215-07-HDB-2017

> NCLT judgment dated 2018-03-26. Citation: TCN-2018-NCLT-01638. The case involves a Company Petition filed by Wincere Inc. and Himanshu P. Kansara under…

- **Court:** NCLT
- **Order date:** 26 Mar 2018
- **Citation:** TCN-2018-NCLT-01638
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/cybermate-infotek-limited-cpib-no215-07-hdb-2017-03cfb139

## Summary

### Background

The case involves a Company Petition filed by Wincere Inc. and Himanshu P. Kansara under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Cybermate Infotek Limited, the Corporate Debtor. The Financial Creditors claim that the Corporate Debtor availed a loan of Rs. 2,50,00,000/- on different dates from a related concern, Wincere Solutions India Private Limited. A loan agreement dated 31.08.2013 was entered into, where the Corporate Debtor agreed to repay Rs. 4,45,11,110/- with interest. A settlement deed dated 07.09.2016 was also executed, promising repayment by December 31, 2016. The Corporate Debtor issued a cheque for Rs. 3,87,00,000/- dated 20.03.2017, which was later dishonored.

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## Facts

Wincere Inc. and Himanshu P. Kansara filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Cybermate Infotek Limited. The Financial Creditors claimed that the Corporate Debtor availed a loan of Rs. 2,50,00,000/- on different dates from Wincere Solutions India Private Limited. A loan agreement dated 31.08.2013 was entered into, where the Corporate Debtor agreed to repay Rs. 4,45,11,110/- with interest. A settlement deed dated 07.09.2016 was executed, promising repayment by December 31, 2016. The Corporate Debtor issued a cheque for Rs. 3,87,00,000/- dated 20.03.2017, which was later dishonored. The Corporate Debtor opposed the petition, claiming lack of privity of

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## Issues and analysis

### Issue 1: Whether the present Company Petition is filed in compliance with the provisions of Section 7 of the …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, provides the procedure for

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**Reasoning:** The court considered the pleadings and documents on record and found that the Financial

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**Interpretation:** Section 7 of the IBC, 2016, provides a mechanism for financial creditors to

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**Application:** In this case, the court found that the Financial Creditors have met the

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## Parties

- **Judges:** Rajeswara Rao…
- **Appellants:** Wincere…
- **Respondents:** Cybermate Infotek…
- **Advocates:** Mr.Muddu…; Mr.Anirudh…; +1 more

## Timeline

- **2013-08-31 — Loan Agre…**: Loan agreement entered into by the Corporate Debtor with Wincere Solutions India Private…
- **2016-09-07 — Settlemen…**: Settlement deed executed between the Financial Creditors and the Promoter Directors of…

## 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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