# In the matter of Pradeep Downhole Equipments Private Limited C.P. No. IB-589(PB)-2018

> NCLT judgment dated 2018-10-25. Citation: TCN-2018-NCLT-00490. Macro Leafin Private Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Oct 2018
- **Citation:** TCN-2018-NCLT-00490
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pradeep-downhole-equipments-private-limited-cp-no-ib-589pb-2018-063b68f9

## Summary

### Background

Macro Leafin Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Pradeep Downhole Equipments Private Limited, the corporate debtor. Macro Leafin claimed to be the financial creditor, stating that it had extended a loan to Pradeep Downhole Equipments Private Limited. The corporate debtor allegedly defaulted on the repayment of the loan.

## Facts

Macro Leafin Private Limited (the applicant) claimed to be a financial creditor of Pradeep Downhole Equipments Private Limited (the corporate debtor). The applicant filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against the corporate debtor. The applicant claimed that it had extended a loan of Rs. 45,00,000/- to the corporate debtor under a loan agreement dated 22.09.2014, which was extended and released on 27.09.2014. The applicant issued a loan recall cum balance confirmation letter dated 31.01.2016, demanding recovery of the outstanding amount. The corporate debtor allegedly defaulted on the repayment of the loan, with the entire loan amount, including interest, supposed to be repaid before 28.02.2016. The

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## Issues and analysis

### Issue 1: Whether the application filed by the financial creditor under Section 7 of the Insolvency and …

**Ratio:** The application must be in the form and manner prescribed under Rule 4 of the Insolvency

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**Reasoning:** The Tribunal observed that the application was filed on the proforma prescribed under

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**Interpretation:** Section 7 of the IBC requires the financial creditor to make an application in

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**Application:** The Tribunal found that the application was filed in the prescribed proforma,

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## Parties

- **Judges:** DEEPTI M…; S.K. МОНА…
- **Appellants:** Macro Leafin…
- **Respondents:** PRADEEP DOWNHOLE…
- **Advocates:** Ashish Vi…; Rajat Agn…

## Timeline

- **2014-09-22 — Loan Agre…**: Macro Leafin Private Limited and Pradeep Downhole Equipments Private Limited entered into…
- **2014-09-27 — Loan Exte…**: The loan was extended and…

## 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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