# In the matter of Mack Telecom Services Pvt. Ltd. C.P. (IB)No. 98-BB-2020

> NCLT judgment dated 2020-11-09. Citation: TCN-2020-NCLT-00280. VOXTBV India Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 9 Nov 2020
- **Citation:** TCN-2020-NCLT-00280
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mack-telecom-services-pvt-ltd-cp-ibno-98-bb-2020-39be5087

## Summary

### Background

VOXTBV India Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mack Telecom Services Pvt. Ltd., alleging default on a loan agreement. The financial creditor, VOXTBV, claimed that the corporate debtor, Mack Telecom, defaulted on a loan of Rs. 2,00,00,000/- with an interest rate of 14.4% compounded annually. The loan agreement was executed on June 1, 2014, with a repayment deadline of June 1, 2019. The corporate debtor allegedly failed to make the payment, leading to a total outstanding amount of Rs. 2,56,95,788/- including principal and interest.

## Facts

VOXTBV India Pvt. Ltd. (Financial Creditor) and Mack Telecom Services Pvt. Ltd. (Corporate Debtor) entered into a loan agreement on June 1, 2014, for Rs. 2,00,00,000/- with an annual interest rate of 14.4%. The repayment deadline was June 1, 2019. Mack Telecom Services Pvt. Ltd. failed to repay the loan by the due date. As of June 1, 2019, the total outstanding amount, including principal and interest, was Rs. 2,56,95,788/-. VOXTBV India Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Mack Telecom Services Pvt. Ltd. The Corporate Debtor admitted to the debt, the default, and its inability to repay the loan due to financial constraints. The Corporate Debtor also

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default for an amount of Rs. 2,56,95,788/- including …

**Ratio:** The legal principle is that if a corporate debtor fails to repay a debt by the

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**Reasoning:** The court noted that the Corporate Debtor had entered into a Loan Agreement with the

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**Interpretation:** The interpretation of 'default' under the IBC is a failure to pay a debt when

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**Application:** The Corporate Debtor admitted the debt and the default. The court found that

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## Parties

- **Judges:** Ashok Kumar…; Ashutosh C…
- **Appellants:** VOXTBV India Pvt.…
- **Respondents:** Mack Telecom…

## Timeline

- **2002-12-04 — Incorporation of VOXTBV…**: VOXTBV India Private Limited was…
- **1995-12-13 — Incorporation of Mack Telecom Services Private…**: Mack Telecom Services Private Limited was…

## 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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