# In the matter of Vintron Communication Private Limited (IB) 1492 (ND)-2019

> NCLT judgment dated 2019-10-15. Citation: TCN-2019-NCLT-00980. The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking…

- **Court:** NCLT
- **Order date:** 15 Oct 2019
- **Citation:** TCN-2019-NCLT-00980
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vintron-communication-private-limited-ib-1492-nd-2019-555cc38b

## Summary

### Background

The petition was filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to its inability to liquidate its financial debt. The Corporate Debtor took a loan of Rs. 36,55,000 from the Financial Creditor starting in 2003, with an agreement for transactions via bank transfer or cheque. The Corporate Debtor was to return the amount when demanded. The Financial Creditor provided financial assistance from 2003 to 2012, totaling Rs. 36,55,000, of which Rs. 11,56,797 was received by the Corporate Debtor until 2007, after which payments ceased. The Corporate Debtor also showed interest on the loan in its books of accounts for the years 2004-2007.

## Facts

The Financial Creditor, Sudha Rani Tayal, filed a petition against the Corporate Debtor, Vintron Communications Private Limited, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor took a loan of Rs. 36,55,000 from the Financial Creditor at various times starting from 2003. The parties agreed that transactions would occur through bank transfers or cheques, with repayment upon demand. The Financial Creditor provided financial assistance from 08.12.2003 to 18.04.2012, totaling Rs. 36,55,000. The Corporate Debtor repaid Rs. 11,56,797 until 2007, after which payments stopped. The Corporate Debtor showed interest on the loan in its books for 2004-2007. The Financial Creditor demanded repayment via a letter dated 30.08.2013, which received no

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## Issues and analysis

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

**Ratio:** Section 7 of the Insolvency & Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The Tribunal considered the averments made in the petition, the documents submitted by

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**Interpretation:** Section 7 provides a mechanism for financial creditors to recover their dues

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**Application:** The Tribunal found that the Financial Creditor had demonstrated a default by

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## Parties

- **Judges:** Rajesh Daya…; SUMITA PURK…; +1 more
- **Appellants:** Sudha Rani…
- **Respondents:** Vintron Communicat…

## Timeline

- **2003-01-01 — Loan Commen…**: The Corporate Debtor took a loan of Rs. 36,55,000 from the Financial Creditor starting in…
- **2003-12-08 — Financial Ass…**: Financial assistance provided…

## Legal provisions

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

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