# In the matter of Anu Engitech Private Limited CP(IB)-278-CHE-2021

> NCLT judgment dated 2022-02-03. Citation: TCN-2022-NCLT-04270. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 3 Feb 2022
- **Citation:** TCN-2022-NCLT-04270
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anu-engitech-private-limited-cpib-278-che-2021-2074c309

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Mr. Murali S, the Financial Creditor, against M/s. Anu Engitech Private Limited, the Corporate Debtor. The Financial Creditor sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, declare a moratorium, and appoint an Interim Resolution Professional (IRP). The Corporate Debtor allegedly defaulted on loan repayments.

## Facts

Mr. Murali S, an individual, filed an application as a Financial Creditor against M/s. Anu Engitech Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had approached the Financial Creditor for working capital, leading to a loan agreement dated June 29, 2011, for Rs. 16,00,000, which was repaid with interest. Another loan agreement was entered on June 13, 2016, for Rs. 55,00,000, subject to interest and penal interest. The Corporate Debtor defaulted on the repayment of the financial debt. The Managing Director of the Corporate Debtor, M. H. Krishnamoorthy, passed away, and the company was taken over by H. Nagarajan. Attempts to retrieve the loan amount failed. The Financial Creditor submitted letters

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor is admissible under Section 7(5) of the …

**Ratio:** Section 7(5) of the IBC, 2016, allows for the admission of an application if a financial

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**Reasoning:** The court found that the documents submitted by the Financial Creditor established the

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**Interpretation:** Section 7 of the IBC provides a mechanism for financial creditors to initiate

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**Application:** The court applied Section 7(5) to the facts, finding that the loan agreements

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## Parties

- **Judges:** (Retd.) S.…; Anil Ku…
- **Appellants:** Mural…
- **Respondents:** M/s. Anu Engitech…

## Timeline

- **2011-06-29 — Loan Agre…**: Loan agreement entered into between the Financial Creditor and the Corporate Debtor for…
- **2016-06-13 — Loan Agre…**: Another loan agreement entered into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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