# In the matter of IVR Prime IT SEZ Pvt. Ltd. C.P. No.IB-450(PB)-2018

> NCLT judgment dated 2019-09-19. Citation: TCN-2019-NCLT-01380. Nupur Finvest Pvt. Ltd., claiming to be a financial creditor, filed a petition under Section 7…

- **Court:** NCLT
- **Order date:** 19 Sept 2019
- **Citation:** TCN-2019-NCLT-01380
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ivr-prime-it-sez-pvt-ltd-cp-noib-450pb-2018-6af4e2ac

## Summary

### Background

Nupur Finvest Pvt. Ltd., claiming to be a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against IVR Prime IT SEZ Pvt. Ltd., the corporate debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). Nupur Finvest had granted two loan facilities to IVR Prime IT SEZ, totaling Rs. 3,02,00,000, which were to be repaid in monthly installments with interest. The loans were secured by hypothecation of flats and a guarantee agreement. The corporate debtor defaulted on repayment, leading to the petition.

## Facts

Nupur Finvest Pvt. Ltd. (the petitioner) claimed to be a financial creditor and filed a petition against IVR Prime IT SEZ Pvt. Ltd. (the respondent/corporate debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. Nupur Finvest had granted two loan facilities to IVR Prime IT SEZ, totaling Rs. 3,02,00,000, based on loan agreements dated 28.01.2016 and 30.03.2017. The loans were to be repaid in 24 monthly installments with 17.50% interest per annum. The loans were secured by hypothecation of 15 flats and a guarantee agreement dated 28.01.2016 executed by Shri Anil Mithas, Smt. Madhu Mithas and M/s Unnati Fortune Holdings Ltd. Post-dated cheques issued by the corporate debtor were dishonored. A demand notice dated 17.02.2018 and its corrigendum dated

…

## Issues and analysis

### Issue 1: Whether the requirements of Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency

…

**Reasoning:** The court considered the loan agreements, the disbursed amount, the default in repayment,

…

**Interpretation:** Section 7 is interpreted to mean that if a financial debt exists, a default has

…

**Application:** The court found that Nupur Finvest had provided sufficient evidence of a

…

## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** M/s. Nupur…
- **Respondents:** M/s IVR Prime IT…

## Timeline

- **2007-10-15 — Incorporation of…**: IVR Prime IT SEZ Pvt Ltd. was…
- **2016-01-28 — Loan Agreeme…**: One of the loan agreements between…

## 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/ivr-prime-it-sez-pvt-ltd-cp-noib-450pb-2018-6af4e2ac