# In the matter of HFCL Satellite Communications Limited (IB) 220(ND)2020

> NCLT judgment dated 2020-02-24. Citation: TCN-2020-NCLT-01831. MN Ventures Pvt. Ltd. filed a petition against HFCL Satellite Communication Limited seeking…

- **Court:** NCLT
- **Order date:** 24 Feb 2020
- **Citation:** TCN-2020-NCLT-01831
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hfcl-satellite-communications-limited-ib-220nd2020-7489f534

## Summary

### Background

MN Ventures Pvt. Ltd. filed a petition against HFCL Satellite Communication Limited seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to the corporate debtor's inability to liquidate its debt. The petition is based on an unpaid inter-corporate loan granted by Digivision Infotainment Pvt. Ltd. to HFCL Satellite Communication Limited. Digivision Infotainment was later amalgamated with MN Ventures Pvt. Ltd.

## Facts

Digivision Infotainment Pvt. Ltd. granted an inter-corporate loan to HFCL Satellite Communication Limited in 2011. Digivision Infotainment was later amalgamated with MN Ventures Pvt. Ltd. via a scheme sanctioned on 2017-04-21 by the Allahabad Bench of the NCLT. MN Ventures Pvt. Ltd., as the successor, recalled the loan on 2019-04-01. HFCL Satellite Communication Limited failed to liquidate the liability, leading MN Ventures Pvt. Ltd. to file a petition seeking CIRP. The outstanding claim is Rs. 8,18,00,000/- plus interest. The corporate debtor acknowledged the debt in its balance sheet and sought time to repay. The loan disbursement was evidenced through banking transactions.

## Issues and analysis

### Issue 1: Whether the petition seeking Corporate Insolvency Resolution Process should be admitted against the …

**Ratio:** The Corporate Insolvency Resolution Process can be initiated if there is an unpaid

…

**Reasoning:** The court reasoned that the corporate debtor admitted to the liability and their

…

**Interpretation:** The court interpreted the relevant provisions of the Insolvency and Bankruptcy

…

**Application:** The ratio and reasoning were applied to the facts of the case, where the

…

## Parties

- **Judges:** Ina Mal…; L. N. G…
- **Appellants:** MN Ventures Pvt.…
- **Respondents:** HFCL Satellite…

## Timeline

- **2011-01-01 — Loan Ext…**: Intercorporate loan extended to…
- **2017-04-21 — Amalgamation S…**: Digivision Infotainment was amalgamated with MN Ventures Pvt. Ltd. under a scheme…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/hfcl-satellite-communications-limited-ib-220nd2020-7489f534