# In the matter of Logix Express Pvt. Ltd. CP (IB) No. 138-7-NCLT-AHM-2017

> NCLT judgment dated 2017-11-30. Citation: TCN-2017-NCLT-00116. L&T Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Nov 2017
- **Citation:** TCN-2017-NCLT-00116
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/logix-express-pvt-ltd-cp-ib-no-138-7-nclt-ahm-2017-9a22dc70

## Summary

### Background

L&T Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Logix Express Private Limited, the Corporate Debtor. The Petitioner, L&T Finance Limited, claimed that the Corporate Debtor had defaulted in repayment of a loan. The loan was secured by a Deed of Hypothecation and guaranteed by Shri Ajay Dwarkadas Thakkar. The Petitioner had also referred the dispute to a Sole Arbitrator, who passed an award in favor of the Petitioner. Despite multiple notices, the Corporate Debtor failed to repay the outstanding amount.

## Facts

L&T Finance Limited, the Petitioner and Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Logix Express Private Limited, the Corporate Debtor. The Petitioner claimed that the Corporate Debtor had defaulted in repayment of a loan of Rs. 58,36,000 sanctioned in May 2013. The total outstanding amount as of 16.8.2017 was Rs. 82,65,349.21, including principal and interest. The loan was secured by a Deed of Hypothecation dated 24th May, 2013, and guaranteed by Shri Ajay Dwarkadas Thakkar through a Deed of Guarantee dated 27th May, 2013. The Petitioner had also referred the dispute to a Sole Arbitrator, who passed an award on 19.9.2016 holding the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** The Adjudicating Authority relied on the judgment delivered in the matter between M/s.

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**Reasoning:** The Adjudicating Authority considered the documents and arguments presented by the

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**Interpretation:** The term 'default' is interpreted to mean that the debt is immediately due and

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**Application:** In this case, the documents produced by the Financial Creditor clearly

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Appellants:** L&T Finance…
- **Respondents:** Logix Express…
- **Advocates:** Tarak D…; BK Da…

## Timeline

- **2013-05-01 — Loan Sanc…**: Petitioner granted a loan of Rs.…
- **2013-05-24 — Deed of Hypot…**: Deed of Hypothecation…

## 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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