# 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-01832. The case pertains to a Company Petition (IB-1226/ND/2019) filed under Section 7 of the…

- **Court:** NCLT
- **Order date:** 23 Aug 2019
- **Citation:** TCN-2019-NCLT-01832
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nu-tek-india-limited-company-petition-no-ib-1126-nd-2019-9a41f60c

## Summary

### Background

The case pertains to 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 had served as the Chief Financial Officer of the corporate debtor from 2017-2019 and had advanced loans to the company, which remained unpaid. The corporate debtor acknowledged the debt but cited financial instability in the telecom sector as the reason for its inability to repay the loan.

## Facts

Ashish Bankar, the applicant, is the Financial Creditor. M/S Nu Tek India Limited is the Corporate Debtor. Ashish Bankar served as the Chief Financial Officer of the corporate debtor from 2017 to 2019. During this period, Ashish Bankar advanced loans to the corporate debtor. The corporate debtor failed to repay the loan amount of Rs. 41,47,415/-. Ashish Bankar issued a letter dated 10.02.2019 demanding repayment. The corporate debtor acknowledged the debt in a letter dated 20.02.2019 but cited financial instability in the telecom sector as the reason for non-payment. Ashish Bankar filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 on 17.05.2019 to initiate the Corporate Insolvency Resolution Process (CIRP). The corporate debtor's

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## Issues and analysis

### Issue 1: Whether the application is complete as per the requirements of Section 7 of the Insolvency and …

**Ratio:** The application must meet the requirements of Section 7 of the IBC, including

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**Reasoning:** The court found that the application was complete as per the requirements of Section 7 of

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**Interpretation:** Section 7 of the IBC outlines the procedure and requirements for initiating the

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**Application:** The court reviewed the application and supporting documents to determine if

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## Parties

- **Judges:** DEEPTI M…; HEMANT KUMAR…
- **Appellants:** Ashish B…
- **Respondents:** M/S NU TEK INDIA…; MIS NU TEK INDIA…

## Timeline

- **1956-01-01 — Companie…**: Corporate Debtor is a limited company incorporated under the provisions of the Companies…
- **1993-07-06 — Incorporati…**: Corporate Debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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