# In the matter of India Offset Printers Private Limited IB-98-ND-2020

> NCLT judgment dated 2021-11-17. Citation: TCN-2021-NCLT-00480. The case involves an application filed by Intec Capital Limited, the Financial Creditor,…

- **Court:** NCLT
- **Order date:** 17 Nov 2021
- **Citation:** TCN-2021-NCLT-00480
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/india-offset-printers-private-limited-ib-98-nd-2020-5952264b

## Summary

### Background

The case involves an application filed by Intec Capital Limited, the Financial Creditor, against India Offset Printers Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor had approached the Financial Creditor for loan facilities in April 2012 and December 2012. The Financial Creditor approved the loan applications and issued sanction letters. Loan agreements were entered into, and the Corporate Debtor deposited amounts as collateral security. The Corporate Debtor started defaulting on repayment schedules, leading to legal

…

## Facts

Intec Capital Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against India Offset Printers Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor approached the Financial Creditor for loan facilities in April 2012 and December 2012, seeking Rs 81,00,000/- and Rs 88,00,000/- respectively. The Financial Creditor approved the loan applications and issued a Sanction Letter dated 04.07.2012 for Rs. 81,00,000/-. A Loan Agreement was entered into on 06.07.2012. The Corporate Debtor deposited Rs. 28,35,000/- as collateral security. The loan was disbursed on 06.07.2012 and 09.07.2012. The loan was for 36 months with an interest rate of

…

## Issues and analysis

### Issue 1: Whether the application filed by the Financial …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

…

**Reasoning:** The Adjudicating Authority considered the petition, reply, rejoinder, and arguments from

…

**Interpretation:** Section 7 of the IBC provides a mechanism for financial creditors to recover

…

**Application:** The Corporate Debtor admitted its liability in its balance sheets, and the

…

## Parties

- **Judges:** P.S.N. P…; Narender Kumar…
- **Appellants:** M/s Intec Capital…
- **Respondents:** M/S INDIA OFFSET…

## Timeline

- **2012-04-01 — Loan Appli…**: Corporate Debtor approached…
- **2012-12-28 — Loan Appli…**: Corporate Debtor approached…

## 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)

---

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/india-offset-printers-private-limited-ib-98-nd-2020-5952264b