# In the matter of Ecool Gaming Solutions Private Limited C.P. No. 1486-IBC-MB-2020

> NCLT judgment dated 2022-08-05. Citation: TCN-2022-NCLT-01432. Nineicon Private Limited, the Financial Creditor/Petitioner, filed a Company Petition seeking…

- **Court:** NCLT
- **Order date:** 5 Aug 2022
- **Citation:** TCN-2022-NCLT-01432
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ecool-gaming-solutions-private-limited-cp-no-1486-ibc-mb-2020-154807db

## Summary

### Background

Nineicon Private Limited, the Financial Creditor/Petitioner, filed a Company Petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Ecool Gaming Solutions Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudication Authority) Rules, 2016, for an unresolved Financial Debt of Rs. 2,00,00,000/-. The Petitioner and the Corporate Debtor entered into a Loan Agreement dated 16.07.2019, where the Petitioner disbursed Rs. 2,00,00,000/- to the Corporate Debtor. Despite several requests, the Corporate Debtor failed to clear its dues, leading the Petitioner to issue a notice on 23.12.2019 demanding repayment.

## Facts

Nineicon Private Limited (Financial Creditor) and Ecool Gaming Solutions Private Limited (Corporate Debtor) entered into a Loan Agreement dated 2019-07-16. The Financial Creditor disbursed Rs. 2,00,00,000/- to the Corporate Debtor. Emails were sent by the Financial Creditor to the Corporate Debtor on 2019-10-07, 2019-11-11, and 2019-12-06, requesting repayment. The Corporate Debtor failed to clear its dues. A demand notice was issued by the Financial Creditor to the Corporate Debtor on 2019-12-23 demanding repayment of Rs. 2,00,00,000/-. The Corporate Debtor acknowledged receiving Rs. 2,00,00,000/- from the Petitioner as per the balance sheet dated 2020-06-12. The Corporate Debtor did not file any reply contesting the Company Petition.

## Issues and analysis

### Issue 1: Whether the petition satisfies all the legal requirements for admission under Section 7 of the …

**Ratio:** The trigger for initiation of the Corporate Insolvency Resolution Process by a Financial

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**Reasoning:** The court found that the Corporate Debtor defaulted on its repayment obligations despite

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

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**Application:** The court applied the ratio to the facts by noting that the Corporate Debtor

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## Parties

- **Judges:** H.V. Subb…; Satya Ranjan…
- **Appellants:** Nineicon Private…
- **Respondents:** Eccol Gaming…; Mahadev Bat…

## Timeline

- **2019-07-16 — Loan Agre…**: Petitioner and Corporate Debtor…
- **2019-07-16 — Loan Disb…**: Petitioner disbursed Rs.…

## 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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