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

> NCLT judgment dated 2019-10-15. Citation: TCN-2019-NCLT-00985. 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-00985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vintron-communication-private-limited-ib-1492-nd-2019-a9d5660f

## 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 Financial Creditor provided loans to the Corporate Debtor starting from 2003, with an agreement for repayment through bank transfer or cheques. The Corporate Debtor received financial assistance totaling Rs. 36,55,000/- until 18.04.2012, but only repaid Rs. 11,56,797/- until 2007, after which payments ceased. The Corporate Debtor also showed interest on loan 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 & Bankruptcy Code, 2016. The Corporate Debtor took a loan of Rs. 36,55,000/- from the Financial Creditor starting in 2003. The parties agreed that transactions would occur through bank transfer or cheques, with repayment upon demand. The Financial Creditor provided financial assistance until 18.04.2012. The Corporate Debtor repaid Rs. 11,56,797/- until 2007 but then stopped payments. The Corporate Debtor showed interest on the loan in its books of accounts for the years 2004-2007. The Financial Creditor demanded repayment via letter dated 30.08.2013, which received no reply. A subsequent demand was made

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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 and the documents submitted by

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

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**Application:** The Tribunal applied Section 7 to the facts of the case, finding that the

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## Parties

- **Judges:** Rajesh Daya…; SUMITAPURKA…
- **Appellants:** Sudha Rani…
- **Respondents:** Vintron Communicat…
- **Advocates:** Radhika…

## Timeline

- **2003-01-01 — Loan Commen…**: Financial Creditor started…
- **2012-04-18 — End of Loan Dis…**: Financial Creditor provided financial assistance until this date, totaling Rs.…

## 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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