# In the matter of Ants Consulting & Services Private Limited

> NCLT judgment dated 2024-01-10. Citation: TCN-2024-NCLT-03212. The case involves a petition filed by National Skill Development Corporation, the Financial…

- **Court:** NCLT
- **Order date:** 10 Jan 2024
- **Citation:** TCN-2024-NCLT-03212
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ants-consulting-services-private-limited-e53bca02

## Summary

### Background

The case involves a petition filed by National Skill Development Corporation, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ants Consulting & Services Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor has raised objections regarding the disbursement schedule and the calculation of the repayment period.

## Facts

National Skill Development Corporation (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Ants Consulting & Services Private Limited (Corporate Debtor) due to a default on a loan agreement. The loan agreement was entered into on 17/10/2011, with the Financial Creditor agreeing to provide financial assistance of Rs 3,00,00,000/- for a tenure of ten years. Various documents, including an Irrevocable Power of Attorney and a Deed of Hypothecation, were executed. The Financial Creditor disbursed the loan amount in installments between 2012 and 2016. As of 31/03/2022, the Corporate Debtor owed Rs 1,87,50,594/- in principal, Rs 27,14,552/- in interest, and Rs

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on its …

**Ratio:** Section 5(8) of the IBC defines a ‘financial debt' as a debt along with interest

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**Reasoning:** The Corporate Debtor acknowledged the existing loan and default of payment in the Balance

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**Interpretation:** The definition of 'financial debt' under Section 5(8) of the IBC is interpreted

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**Application:** The Corporate Debtor's acknowledgment of the debt and the subsequent default in

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** National Skill…
- **Respondents:** Ants Consulting &…

## Timeline

- **2011-10-17 — Loan Agre…**: The Corporate Debtor and the Financial…
- **2012-02-17 — First Disbu…**: The Financial Creditor disbursed 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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