# In the matter of Hint Publication Private Limited Company Petition (IB)No. 515-ALD-2019

> NCLT judgment dated 2020-02-27. Citation: TCN-2020-NCLT-01775. The case pertains to a Company Petition (IB) No. 515/ALD/2019 filed by M/S HDB FINANCIAL…

- **Court:** NCLT
- **Order date:** 27 Feb 2020
- **Citation:** TCN-2020-NCLT-01775
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hint-publication-private-limited-company-petition-ibno-515-ald-2019-64dcdb6d

## Summary

### Background

The case pertains to a Company Petition (IB) No. 515/ALD/2019 filed by M/S HDB FINANCIAL SERVICES LTD. (Financial Creditor) against M/S HINT PUBLICATION PRIVATE LIMITED (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed based on an unpaid liability of Rs. 8,49,58,980.30/-. The Corporate Debtor had approached the Financial Creditor, a Non-Banking Financial Company, for a term loan of Rs. 4.75 Crores. The loan was disbursed after a letter of sanction and execution of the loan agreement dated 29.04.2017.

## Facts

M/S HDB FINANCIAL SERVICES LTD. (Financial Creditor) filed a petition against M/S HINT PUBLICATION PRIVATE LIMITED (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to an unpaid liability of Rs. 8,49,58,980.30/-. The Corporate Debtor had taken a term loan of Rs. 4.75 Crores from the Financial Creditor, a Non-Banking Financial Company, after a loan agreement dated 29.04.2017. The loan was disbursed in two tranches of Rs. 3.4 Crores and Rs. 1.35 Crores on 16.10.2014 and 17.10.2014, respectively. The Corporate Debtor created an equitable mortgage over their property in Ghaziabad to secure the loan. The Corporate Debtor defaulted on repayments, leading to the loan being recalled via notices dated 16.10.2015 and 16.11.2015 and classified as

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## Issues and analysis

### Issue 1: Whether the objection raised on behalf …

**Ratio:** The principle is that submissions made by the learned counsel for the corporate debtor

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**Reasoning:** The court reasoned that the submissions made by the Corporate Debtor's counsel were

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**Interpretation:** This means that the court considered the objections raised by the Corporate

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**Application:** The court applied this reasoning to the specific facts of the case, noting that

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## Parties

- **Judges:** Rajesh Daya…; Ina Mal…
- **Appellants:** M/S HDB FINANCIAL…
- **Respondents:** M/S HINT PUBLICATI…

## Timeline

- **2014-10-16 — Loan Disbur…**: Rs. 3.4 Crores…
- **2014-10-17 — Loan Disbur…**: Rs. 1.35 Crores…

## 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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