# In the matter of Starlog Enterprises Ltd C.P. 12- I&BP- NCLT- MAH-2017-1

> NCLT judgment dated 2017-02-17. Citation: TCN-2017-NCLT-00972. ICICI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 17 Feb 2017
- **Citation:** TCN-2017-NCLT-00972
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/starlog-enterprises-ltd-cp-12-ibp-nclt-mah-2017-1-61e0375b

## Summary

### Background

ICICI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Starlog Enterprises Limited, seeking initiation of corporate insolvency resolution process due to the corporate debtor's failure to repay outstanding dues. The petition was filed before the National Company Law Tribunal (NCLT), Mumbai Bench.

## Facts

ICICI Bank Limited, the financial creditor, granted loan facilities to Starlog Enterprises Limited, the corporate debtor. These facilities included a ₹230 million Rupee Term Loan facility (RTL Facility) and a ₹160 million Working Capital Term Loan Facility (WCTL Facility). The corporate debtor defaulted on repayments for both facilities. As of February 6, 2017, the defaulted amount for the RTL Facility was ₹9,99,01,103.62, and as of April 1, 2017, the defaulted amount for the WCTL Facility was ₹17,78,27,162.00, totaling ₹27,78,27,162.00. ICICI Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process. The corporate debtor had acknowledged its indebtedness and sought an extension

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor failed to discharge the liability mentioned in the Company Petition …

**Ratio:** The legal principle applied is that if a corporate debtor defaults on its financial

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**Reasoning:** The court reasoned that the Corporate Debtor failed to discharge the liability mentioned

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**Interpretation:** This issue involves interpreting Section 7 of the Insolvency and Bankruptcy

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**Application:** The court applied the ratio to the facts by noting that the corporate debtor

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Respondents:** Starlog Enterprise…

## Timeline

- **2011-10-19 — RTL Facility A…**: Agreement for ₹230 million Rupee Term…
- **2014-03-01 — WCTL Facility…**: Agreement for ₹160 million Working Capital…

## Legal provisions

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

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