# In the matter of Wind World (India) Ltd. C.P. (IB) Nos. 9-16, 52-55, 177, 180, 201-9-NCLT-AHM-2018

> NCLT judgment dated 2018-02-20. Citation: TCN-2018-NCLT-01793. IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Feb 2018
- **Citation:** TCN-2018-NCLT-01793
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/wind-world-india-ltd-cp-ib-nos-9-16-52-55-177-180-201-9-nclt-ahm-2018-fe11613d

## Summary

### Background

IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Wind World (India) Limited, treating it as the Corporate Debtor. Several other operational creditors also filed petitions under Section 9 of the IBC against Wind World. IDBI Bank had granted working capital limits to Wind World, which the company defaulted on. Wind World cited various reasons for its financial difficulties, including a workers' strike, changes in government policy, and liquidity constraints.

## Facts

IDBI Bank 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 M/s. Wind World (India) Limited, the Corporate Debtor. IDBI Bank had granted working capital limits aggregating to Rs. 793,53,00,000 to Wind World. Wind World defaulted on its repayment obligations. The outstanding amount due to IDBI as on 15.12.2017 was Rs. 856,11,59,444/-. Wind World cited reasons for its financial difficulties, including a workers' strike, changes in government policy, and liquidity constraints. Several operational creditors also filed petitions under Section 9 of the IBC against Wind World for unpaid dues related to services and supplies.

## Issues and analysis

### Issue 1: Whether the alleged financial debt of Rs. 793,53,00,000/- is a disputed one and not payable in …

**Ratio:** The terms of the Master Restructuring Agreement do not prevent the triggering of

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**Reasoning:** The NCLT found that the Master Restructuring Agreement allowed the Financial Creditor to

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**Interpretation:** The existence of a Master Restructuring Agreement does not preclude the

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**Application:** The NCLT held that the debt was payable despite the Master Restructuring

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Appellants:** IDBI Bank L…
- **Respondents:** Wind World…; WIND WORLD…

## Timeline

- **2015-03-02 — Master Restructuring…**: IDBI vide Master Reconstructing Agreement dated 2.3.2015 granted certain reliefs and…
- **2017-12-21 — Demand N…**: Petitioner Bank issued Notice dated 21st December, 2017 demanding Wind World to pay the…

## 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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