# In the matter of ICOMM Tele Limited CP (IB) No. 462-7-HDB-2018

> NCLT judgment dated 2018-10-04. Citation: TCN-2018-NCLT-00668. The case involves a Company Petition filed by L&T Infrastructure Finance Company Limited…

- **Court:** NCLT
- **Order date:** 4 Oct 2018
- **Citation:** TCN-2018-NCLT-00668
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/icomm-tele-limited-cp-ib-no-462-7-hdb-2018-a4877771

## Summary

### Background

The case involves a Company Petition filed by L&T Infrastructure Finance Company Limited (Financial Creditor) against ICOMM Tele Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor had sanctioned a Rupee Term Loan of Rs. 50,00,00,000/- to the Corporate Debtor, which the Corporate Debtor failed to repay. The total outstanding amount as of 31.05.2018 was Rs. 44,54,91,937/-. The Corporate Debtor also took loans from a consortium of 16 Banks and Financial Institutions, with a current outstanding amount of Rs. 1811.58 crores as of 31.03.2018.

## Facts

L&T Infrastructure Finance Company Limited (Financial Creditor) filed a Company Petition against ICOMM Tele Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor had sanctioned a Rupee Term Loan of Rs. 50,00,00,000/- to the Corporate Debtor vide sanction letter dated 21.07.2008 and Facility Agreement dated 22.08.2008. The loan was to be repaid in 50 equal monthly installments after a moratorium of 10 months. The Corporate Debtor failed to pay the loan and also failed in terms of the OTS envisaged under the Master Restructuring Agreement. The total outstanding as on 31.05.2018 was Rs. 44,54,91,937/-. The Corporate Debtor had also taken loans from a consortium of 16 Banks and Financial Institutions, with a

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## Issues and analysis

### Issue 1: Whether the Petitioner/Financial Creditor has …

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

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**Reasoning:** The Adjudicating Authority perused the record and was satisfied that the Petitioner had

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

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**Application:** In this case, the Financial Creditor provided substantial documentary evidence,

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** L & T Infrastructu…
- **Respondents:** ICOMM Tele…; ICOMM Tel…
- **Advocates:** Shabbeer…; K. Pratik…

## Timeline

- **2008-07-21 — Sanction…**: Financial Creditor sanctioned a Rupee Term Loan of Rs. 50,00,00,000/- to the Corporate…
- **2008-08-22 — Facility Ag…**: Facility Agreement was executed between the…

## 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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