# In the matter of United Ukraine Technologies Pvt. Ltd. (IB)-1172(ND)2019

> NCLT judgment dated 2019-07-04. Citation: TCN-2019-NCLT-02677. The case pertains to an application filed by Lauls Limited, the operational creditor, under…

- **Court:** NCLT
- **Order date:** 4 Jul 2019
- **Citation:** TCN-2019-NCLT-02677
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/united-ukraine-technologies-pvt-ltd-ib-1172nd2019-82d34e09

## Summary

### Background

The case pertains to an application filed by Lauls Limited, the operational creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against United Ukraine Technologies Pvt. Ltd., the corporate debtor. The petitioner, Lauls Limited, claimed to have extended a loan of Rs. 90 lakhs to the corporate debtor under an agreement dated October 23, 2018, with an interest rate of 21% per annum and a penal interest of 2% on delayed payments. The corporate debtor defaulted on the repayment terms, leading the financial creditor to issue a demand notice on February 25, 2019, after initial repayments of Rs. 35 lakhs.

## Facts

Lauls Limited (the petitioner) extended a loan of Rs. 90 lakhs to United Ukraine Technologies Pvt. Ltd. (the corporate debtor) on October 23, 2018, with an interest rate of 21% per annum and a penal interest of 2% on delayed payments. The corporate debtor was to repay the loan in 12 fortnightly installments of Rs. 7,86,456/-. The corporate debtor defaulted on the repayment terms, failing to make payments due on November 7, 2018, and November 22, 2018. The corporate debtor made a repayment of Rs. 35 lakhs. The financial creditor issued a demand notice on February 25, 2019, recalling the entire loan amount and overdue interest. The corporate debtor admitted to the outstanding liability but claimed inability to liquidate it. The petitioner filed a petition under Section 7

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in adhering to the terms of re-payment under the loan …

**Ratio:** A default occurs when the corporate debtor fails to meet its financial obligations as per

…

**Reasoning:** The court noted that the corporate debtor had defaulted on the repayment terms of the

…

**Interpretation:** The interpretation of 'default' under the IBC encompasses any failure by the

…

**Application:** In this case, the corporate debtor's failure to make timely payments as per the

…

## Parties

- **Judges:** Ina Mal…; SH. V.K. SU…
- **Appellants:** LAULS LI…
- **Respondents:** UNITED UKRAINE…

## Timeline

- **2018-10-23 — Loan Agre…**: Loan agreement between Lauls Limited and United Ukraine Technologies Pvt. Ltd. for Rs. 90…
- **2018-11-07 — Default on Ins…**: 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/united-ukraine-technologies-pvt-ltd-ib-1172nd2019-82d34e09