# In the matter of Videocon Infinity Infrastructure Private Limited CP (IB) No. 140-KB-2021

> NCLT judgment dated 2021-09-14. Citation: TCN-2021-NCLT-01124. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 14 Sept 2021
- **Citation:** TCN-2021-NCLT-01124
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/videocon-infinity-infrastructure-private-limited-cp-ib-no-140-kb-2021-85b683b0

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Electroparts (India) Private Limited (Financial Creditor) against Videocon Infinity Infrastructure Private Limited (Corporate Debtor) for defaulting on a payment of ₹30,00,00,000/-. The debt originated from a loan initially taken by Quadrant Televentures Limited from Infotel Digicomm Private Limited, which was subsequently assigned to Domebell Electronics India Private Limited and then to Hyundai Electronics India Limited. Finally, Hyundai Electronics India Limited assigned the debt to Electroparts (India) Private Limited through a Novation Agreement.

## Facts

Quadrant Televentures Limited took a loan of ₹49,94,99,886/- from Infotel Digicomm Private Limited on 2007-05-01 for business expansion. Infotel Digicomm Private Limited assigned this loan to Domebell Electronics India Private Limited on 2009-09-16. Domebell Electronics India Private Limited entered into a Novation Agreement with Hyundai Electronics India Limited in May 2018. Later, Hyundai Electronics India Limited assigned the debt of ₹91,01,99,886/- to Electroparts (India) Private Limited through a Novation Agreement dated 2019-11-01. Mr. Rajkumar Nandlal Dhoot provided a personal guarantee via a Novation Agreement dated 2020-06-01. Electroparts (India) Private Limited and Videocon Infinity Infrastructure Private Limited entered into a Novation Agreement dated

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## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Reasoning:** The Adjudicating Authority found that the Corporate Debtor was in default of a debt

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**Interpretation:** Section 7 provides the mechanism for financial creditors to trigger the

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**Application:** The court applied Section 7 to the facts, noting that the Corporate Debtor's

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Appellants:** Electroparts…
- **Respondents:** Videocon Infinity…

## Timeline

- **2007-05-01 — Loan Agre…**: Quadrant Televentures Limited took a loan of ₹49,94,99,886/- from Infotel Digicomm…
- **2009-09-16 — Assignment Ag…**: Infotel Digicomm Private Limited assigned the loan to Domebell Electronics India Private…

## 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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