# 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-01119. Electroparts (India) Private Limited, the Financial Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 14 Sept 2021
- **Citation:** TCN-2021-NCLT-01119
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/videocon-infinity-infrastructure-private-limited-cp-ib-no-140-kb-2021-90b820c2

## Summary

### Background

Electroparts (India) Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Videocon Infinity Infrastructure Private Limited, the 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 dated 01.11.2019. The Corporate Debtor admitted the liability but cited

…

## 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. Hyundai Electronics India Limited assigned the debt of ₹91,01,99,886/- to Electroparts (India) Private Limited, the Financial Creditor, through a Novation Agreement dated 2019-11-01. The Corporate Debtor, Videocon Infinity Infrastructure Private Limited, was supposed to pay ₹30,00,00,000/- to Electroparts (India) Private Limited within six months from 2020-06-01, but failed to do so. A demand

…

## 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 Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

…

**Reasoning:** The Adjudicating Authority found that the application was complete in all respects and

…

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

…

**Application:** The application was filed by Electroparts (India) Private Limited, a financial

…

## Parties

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

## Timeline

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

## Legal provisions

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

---

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/videocon-infinity-infrastructure-private-limited-cp-ib-no-140-kb-2021-90b820c2