# In the matter of Syntex Trading & Agency Private Limited IA 350-2023 in CP (IB) No. 841-MB-IV-2022

> Read the full IBC case summary for In the matter of Syntex Trading & Agency Private Limited IA 350-2023 in CP (IB) No. 841-MB-IV-2022. NCLT judgment dated…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-05474
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/syntex-trading-agency-private-limited-ia-350-2023-in-cp-ib-no-841-mb-iv-2022-d0e89b2d

## Summary

### Background

The Financial Creditor, Central Bank of India, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Syntex Trading & Agency Private Limited, the Corporate Debtor, due to default in repayment of financial debt.

## Facts

Central Bank of India, the Financial Creditor, sanctioned term loans of Rs. 125.00 crore and Rs. 187.50 crore to Anjana Retail Infrastructure Private Limited (ARIPL) and RJ Texcot Private Limited (RJTPL) via sanction letters dated March 24, 2015, and December 5, 2016, respectively. Term Loan Agreements were executed on March 27, 2015, and December 14, 2016. Subsequently, ARIPL and RJTPL merged with Syntex Trading & Agency Private Limited, the Corporate Debtor, by an NCLT order dated August 2, 2018. The Financial Creditor's Managing Committee approved this amalgamation on September 23, 2019, and permitted consolidated sanctioned limits for Syntex Trading & Agency Private Limited.

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor is barred by Section 10A of the Insolvency…

**Ratio:** The present petition is not barred under Section 10A of the Code, as the cause of action…

**Reasoning:** The Bench found that a fresh default came into existence when the Corporate Debtor…

**Interpretation:** The court interpreted Section 10A in conjunction with the RBI Circular dated…

**Application:** Since the default on the OTR occurred on March 31, 2022, which is after the…

## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Advocates:** For the Petitioner…; For the Respondent…

## Timeline

- **April 10, 2012 — Board Reso…**: Central Bank of India's Board Resolution authorized Mr. Gaurav Kumar Jain to file an…
- **March 24, 2015 — Term Loan S…**: Financial Creditor sanctioned Term Loan of Rs. 125.00 crore to Anjana Retail…

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