# In the matter of Akshay Techforge Private Limited CP (IB) No.1049-MB-IV-2021

> NCLT judgment dated 2023-02-09. Citation: TCN-2023-NCLT-04696. Advantagesai Projects Private Limited, the Financial Creditor, filed a Company Petition (C.P.…

- **Court:** NCLT
- **Order date:** 9 Feb 2023
- **Citation:** TCN-2023-NCLT-04696
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/akshay-techforge-private-limited-cp-ib-no1049-mb-iv-2021-4b010f47

## Summary

### Background

Advantagesai Projects Private Limited, the Financial Creditor, filed a Company Petition (C.P. (IB) No. 1049/NCLT/MB/C-IV/2021) under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code) against Akshay Techforge Private Limited, the Corporate Debtor, to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a sum of Rs.1,48,40,466/- in principal and Rs.90,77,003.66 as interest @ 18% p.a., aggregating to Rs.2,39,17,469.66 as on 30.09.2021. The Corporate Debtor had initially defaulted on a loan from State Bank of India and sought financial assistance from the Financial Creditor. Several agreements, including an Agreement to Sale and a Memorandum of Understanding (MoU), were executed between the parties regarding the

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## Facts

The Financial Creditor, Advantagesai Projects Private Limited, filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against the Corporate Debtor, Akshay Techforge Private Limited, seeking to initiate CIRP. The Financial Creditor claimed a total debt of Rs. 2,39,17,469.66 as of 30.09.2021, comprising principal and interest. The Corporate Debtor had initially taken a loan from State Bank of India and approached the Financial Creditor for assistance. The Financial Creditor disbursed Rs. 48,36,540/- to the Corporate Debtor by 12.11.2018. Subsequently, the Financial Creditor agreed to lend Rs. 1.00 Crore to the Corporate Debtor, and an Agreement to Sale was entered on 09.04.2019, acknowledging the earlier disbursal. The Corporate Debtor agreed to

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## Issues and analysis

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

**Ratio:** A petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, is maintainable

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**Reasoning:** The Tribunal considered the arguments and evidence presented by both parties and

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** In this case, the Tribunal found that the transaction was an Agreement to Sale

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## Parties

- **Judges:** Manoj Kumar…; KISHORE VEMULAPALL…
- **Appellants:** Advantagesai…
- **Respondents:** Akshay Techforge…

## Timeline

- **2018-11-12 — Financial Creditor…**: Financial Creditor disbursed…
- **2019-04-09 — Agreement t…**: Corporate Debtor and 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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