# In the matter of Vista Mining Private Limited C.P. (IB) No. 146-KB-2019

> NCLT judgment dated 2020-02-25. Citation: TCN-2020-NCLT-01819. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 25 Feb 2020
- **Citation:** TCN-2020-NCLT-01819
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vista-mining-private-limited-cp-ib-no-146-kb-2019-1330f6ca

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Reliance Commercial Finance Limited (Financial Creditor) against Vista Mining Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor alleges that the Corporate Debtor defaulted in repaying a loan, with the outstanding amount, including interest, totaling Rs. 3,49,50,697, based on twelve loan agreements between Reliance Capital Limited and the Corporate Debtor. The debt due from Reliance Capital Limited was transferred to the present Financial Creditor after approval by the Bombay High Court.

## Facts

Reliance Commercial Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vista Mining Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on loan repayments, with an outstanding amount of Rs. 3,49,50,697, including interest, based on twelve loan agreements. The debt was originally due to Reliance Capital Limited but was transferred to Reliance Commercial Finance Limited after approval by the Bombay High Court. The Financial Creditor sent a recall notice on 16.04.2018, to which the Corporate Debtor replied on 23.04.2018, acknowledging the debt. A settlement agreement was executed on 29.08.2018, but the Corporate

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

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

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**Reasoning:** The court observed that the Financial Creditor had provided sufficient evidence to

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

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**Application:** The court found that the Financial Creditor's application was complete and

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Reliance Commercia…
- **Respondents:** Vista Mining…; Vista Mining Pvt.…

## Timeline

- **2016-06-30 — First Loan Agreement…**: The date of the first loan agreement between Reliance Capital Limited and Vista Mining…
- **2016-11-30 — Last Loan Agree…**: The date of the last loan agreement between Reliance Capital Limited and Vista Mining…

## 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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