# In the matter of Wianxx Impex Private Limited C.P. No. IB-271(PB)-2017

> NCLT judgment dated 2019-08-23. Citation: TCN-2019-NCLT-01826. Srei Equipment Finance Limited, the Financial Creditor/Petitioner, filed a petition under…

- **Court:** NCLT
- **Order date:** 23 Aug 2019
- **Citation:** TCN-2019-NCLT-01826
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/wianxx-impex-private-limited-cp-no-ib-271pb-2017-a77b896a

## Summary

### Background

Srei Equipment Finance Limited, the Financial Creditor/Petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Wianxx Impex Private Limited, the Corporate Debtor/Respondent. The Corporate Debtor-Wianxx Impex Private Limited is a company registered under the provisions of the Companies Act, 1956 and was incorporated on 27.07.1995. The Financial Creditor had initially proposed the name of Resolution Professional, Mr. Vinod Kumar Kothari to act as Interim Resolution Professional (for brevity 'IRP'). On account of his inability to act as IRP, the Financial Creditor filed an application being C.A. No. 990(PB)/2019 and proposed the name of Mr. Gopal Lal Baser with the

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## Facts

In 2008, Wianxx Impex Private Limited (Corporate Debtor) approached Srei Equipment Finance Limited (Financial Creditor) for asset finance. On 26.03.2008, the Financial Creditor sanctioned a loan of Rs. 25 Crores. Later, the loan was divided into four parts, with four separate contracts. In 2010, the loan amount was restructured into nine contracts, and in 2012, again restructured into three contracts. In 2016, due to repayment difficulties, the loan was restructured into two contracts: Agreement No. 105996 dated 01.04.2016 for Rs. 18,86,00,000/- and Agreement No. 111305 dated 24.06.2016 for Rs. 19,53,00,000/-. The Corporate Debtor admitted to a total due of Rs. 35,66,61,986/- as of 31.03.2016, which was rescheduled with a moratorium on interest for the first six

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has established a case for triggering the Corporate Insolvency …

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

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**Reasoning:** The court found that the Financial Creditor had placed on record sufficient evidence of

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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 applied Section 7 to the facts of the case, finding that the

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## Parties

- **Judges:** M. M. K…; S. K. MOH…
- **Appellants:** SREI Equipment…
- **Respondents:** Wianxx Impex…

## Timeline

- **2008-03-01 — Initial Loan Ap…**: Corporate Debtor approached…
- **2008-03-26 — Loan Sanc…**: Financial Creditor…

## 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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