# In the matter of Nu Tek India Limited Company Petition No. IB-1226-ND-2019

> NCLT judgment dated 2019-08-23. Citation: TCN-2019-NCLT-01800. 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-01800
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/nu-tek-india-limited-company-petition-no-ib-1226-nd-2019-70cca77d

## 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. The applicant was appointed as Chief Financial Officer of the corporate debtor during 2017-2019 and had advanced a loan to the corporate debtor. The corporate debtor failed to make the payment for the loan advanced by the applicant.

## Facts

Ashish Bankar, the applicant and financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) 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, he advanced a loan of Rs. 41,47,415/- to the corporate debtor. The corporate debtor failed to repay the loan. The corporate debtor acknowledged 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 was 20.02.2019. The application was filed on

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, is complete …

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

…

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

…

**Interpretation:** The application must meet all the requirements as per Section 7 of the IBC and

…

**Application:** The court determined that the application was complete based on the documents

…

## 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)

---

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/nu-tek-india-limited-company-petition-no-ib-1226-nd-2019-70cca77d