# In the matter of IIC Limited (IB) 112 (ND)-2021

> NCLT judgment dated 2021-09-20. Citation: TCN-2021-NCLT-01088. The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 20 Sept 2021
- **Citation:** TCN-2021-NCLT-01088
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/iic-limited-ib-112-nd-2021-07b21bff

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, by Fidus Finance Private Ltd. against IIC Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The applicant, Fidus Finance, claims that IIC Limited has defaulted on its financial debt. The respondent/corporate debtor, IIC Limited, argued that the application is not maintainable due to non-compliance with Section 215 of the Code.

## Facts

Fidus Finance Private Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against IIC Limited, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP). Fidus Finance claimed to be a financial creditor of IIC Limited, alleging that IIC Limited had defaulted on its financial debt. IIC Limited, the corporate debtor, contested the application, arguing that Fidus Finance had not complied with Section 215 of the IBC, which pertains to the submission of financial information to an information utility. IIC Limited also stated its willingness to repay the outstanding debt in 36 equal installments starting from 01.01.2022. Fidus Finance proposed Mr. Parmod Kumar Gupta as the Interim Resolution Professional (IRP). The court

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable despite alleged non-compliance …

**Ratio:** Section 7 of the IBC prescribes a procedure and the documents necessary to be enclosed

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**Reasoning:** The court reasoned that Section 215 should be read in conjunction with Section 7(3)(a) of

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**Interpretation:** The court interpreted that Section 215 is not a mandatory prerequisite for the

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**Application:** In this case, the court found that even if the applicant had not fully complied

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Fidus Finance…
- **Respondents:** IIC LIM…

## Timeline

- **N/A — Filing of Section 7…**: Fidus Finance Private Ltd. filed a petition under Section 7 of the Insolvency &…
- **2021-09-20 — Order Del…**: The NCLT admitted the application and…

## 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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