# In the matter of Nu Tek India Limited Company Petition No. IB-1126-ND-2019

> NCLT judgment dated 2019-08-23. Citation: TCN-2019-NCLT-01823. The case involves a Company Petition (IB-1226/ND/2019) filed under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 23 Aug 2019
- **Citation:** TCN-2019-NCLT-01823
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nu-tek-india-limited-company-petition-no-ib-1126-nd-2019-0a3d9496

## Summary

### Background

The case involves a Company Petition (IB-1226/ND/2019) filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Ashish Bankar, the Financial Creditor, against M/S Nu Tek India Limited, the Corporate Debtor. The applicant, Ashish Bankar, sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/S Nu Tek India Limited, due to unpaid loans. The applicant was the Chief Financial Officer of the corporate debtor from 2017-2019 and had advanced a loan to the corporate debtor, which the corporate debtor failed to repay. The corporate debtor admitted to the debt but cited instability in the telecom sector, shutdown of operations, liquidity crunch, and regulatory compliances as reasons for its inability to repay the loan.

## Facts

Ashish Bankar, the applicant and Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Nu Tek India Limited, the Corporate Debtor. Ashish Bankar was the Chief Financial Officer of the Corporate Debtor from 2017 to 2019. During this period, Ashish Bankar advanced a loan of Rs. 41,47,415/- to the Corporate Debtor. The Corporate Debtor failed to repay the loan. The Corporate Debtor admitted to the debt in a letter dated 20.02.2019 but cited instability in the telecom sector, shutdown of operations, liquidity crunch, and regulatory compliances as reasons for its inability to repay the loan. The date of default occurred on 20.02.2019. The applicant filed the application on 17.05.2019. The Corporate Debtor's

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor is complete as per the requirements of …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for

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**Reasoning:** The court perused the application and the documents on record and found that the

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**Interpretation:** Section 7 of the IBC, 2016, sets out the procedure and requirements for a

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**Application:** The court found that the application was complete, satisfying the requirements

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## Parties

- **Judges:** DEEPTI M…; Sh. Hemant Kumar…
- **Appellants:** Ashish B…
- **Respondents:** M/S NU TEK INDIA…; MIS NU TEK INDIA…

## Timeline

- **1956-01-01 — Companie…**: Corporate Debtor is incorporated under the…
- **1993-07-06 — Incorporati…**: Corporate Debtor…

## 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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