# In the matter of Videocon Industries Ltd. MA No. 224-2018 In C.P. No. (IB)-02-(MB)-2018

> NCLT judgment dated 2018-03-27. Citation: TCN-2018-NCLT-01630. The case involves an application (MA No.224 of 2018) submitted by the Corporate Debtor,…

- **Court:** NCLT
- **Order date:** 27 Mar 2018
- **Citation:** TCN-2018-NCLT-01630
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/videocon-industries-ltd-ma-no-224-2018-in-cp-no-ib-02-mb-2018-99d5d9ef

## Summary

### Background

The case involves an application (MA No.224 of 2018) submitted by the Corporate Debtor, Videocon Industries Limited, seeking an order to strike off amendments made by the Financial Creditor, State Bank of India, to the original petition (CP 02 of 2018). The Corporate Debtor argues that these amendments, which pertain to the particulars of financial debt, are beyond the scope of the Insolvency Code and are illegal. The Financial Creditor altered dates of default and other details in the petition. The applicant contends that the amendments change the context of the main petition and the amended petition.

## Facts

Videocon Industries Limited, the Corporate Debtor, filed an application (MA No.224 of 2018) against State Bank of India, the Financial Creditor, seeking to strike off amendments made by the Financial Creditor to the original petition (CP 02 of 2018). The amendments pertained to the particulars of financial debt, including the dates of default and amounts under default. The Corporate Debtor argued that these amendments were beyond the scope of the Insolvency Code and were carried out without permission from the NCLT. The Financial Creditor had altered the dates of default in the petition, changing the first date of default from May 1, 2016, to May 31, 2016, and later to dates in 2017. The Corporate Debtor contended that the amendments changed the entire context of the

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## Issues and analysis

### Issue 1: Whether the amendments made by the Financial Creditor to the original petition are permissible …

**Ratio:** The Insolvency Code allows for rectification of defects and incomplete applications. The

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**Reasoning:** The court reasoned that the amendments were within the purview of Section 7 of the

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**Interpretation:** The interpretation of Section 7 of the Insolvency Code allows for a flexible

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**Application:** The court applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** M.K. Sh…
- **Appellants:** State Bank of…
- **Respondents:** Videocon Industrie…; Videocon Industrie…

## Timeline

- **2018-01-01 — Submission of…**: Original Petition (CP…
- **2018-01-24 — SBI Representative…**: Representative of SBI asked for…

## 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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