# In the matter of Ezeego One Travel & Tours Limited CP (IB) 03-MB-C-II-2020

> NCLT judgment dated 2021-03-09. Citation: TCN-2021-NCLT-02770. Yes Bank Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Ezeego One…

- **Court:** NCLT
- **Order date:** 9 Mar 2021
- **Citation:** TCN-2021-NCLT-02770
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ezeego-one-travel-tours-limited-cp-ib-03-mb-c-ii-2020-ae113aaf

## Summary

### Background

Yes Bank Limited initiated a Corporate Insolvency Resolution Process (CIRP) against Ezeego One Travel & Tours Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition was filed due to defaults committed by Ezeego One Travel & Tours Limited under four financing agreements. Yes Bank claimed a default amount of INR 1002,60,83,298.33 as of August 28, 2019. Ezeego One Travel & Tours Limited contested the petition, alleging that the financing agreements were not genuine and that the documents were false, forged, and fabricated. They also claimed that signatures on the documents were falsified and that the documents were inadequately stamped.

## Facts

Yes Bank Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Ezeego One Travel & Tours Limited (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor is a private company incorporated on 06.01.2006. The Financial Creditor claimed defaults under four financing agreements. The amounts disbursed and the amounts in default, including interest as of August 28, 2019, were detailed in the petition. The total amount in default was INR 1002,60,83,298.33. The Corporate Debtor acknowledged the loan/financing in its audited balance sheet for the financial year ended March 31, 2018. The Financial Creditor provided details of charges created by the

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 7 of the IBC should be admitted, …

**Ratio:** The scope of inquiry under Section 7 of the IBC is limited to ascertaining the

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**Reasoning:** The NCLT reasoned that the Corporate Debtor's allegations of forgery and fraud were not

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**Interpretation:** Section 7 of the IBC provides a summary procedure for initiating CIRP based on

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**Application:** In this case, the NCLT applied the ratio by holding that the Corporate Debtor's

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## Parties

- **Judges:** Harihar Prakash…; Ravikumar…; +1 more
- **Appellants:** Yes Bank L…
- **Respondents:** Ezeego One Travel…; EZEEGO ONE TRAVEL…

## Timeline

- **2006-01-06 — Incorporation of…**: Ezeego One Travel & Tours…
- **2017-05-16 — Disbursement of Term…**: Term Loan of INR…

## 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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