# 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-01443. The case involves a petition filed by Nineicon Private Limited, the Financial Creditor, against…

- **Court:** NCLT
- **Order date:** 5 Aug 2022
- **Citation:** TCN-2022-NCLT-01443
- **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-2020-6a4eaa9f

## Summary

### Background

The case involves a petition filed by Nineicon Private Limited, the Financial Creditor, against Eccol Gaming Solutions Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claims that the Corporate Debtor defaulted on a financial debt of Rs. 2,00,00,000/- arising from a loan agreement.

## Facts

Nineicon Private Limited (Financial Creditor) filed a petition against Eccol Gaming Solutions Private Limited (Corporate Debtor) to initiate CIRP. The Financial Creditor and Corporate Debtor entered into a loan agreement dated 2019-07-16, where the Financial Creditor disbursed Rs. 2,00,00,000/- to the Corporate Debtor. The Financial Creditor sent emails on 2019-10-07, 2019-11-11, and 2019-12-06 requesting repayment. On 2019-12-23, the Financial Creditor issued a demand notice for Rs. 2,00,00,000/-. The Corporate Debtor acknowledged receiving the amount in its balance sheet as of 2020-06-12. The Corporate Debtor did not file any reply to the petition despite being served and granted adjournments. The Financial Creditor submitted a certificate under the Bankers Books

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor satisfies the requirements for initiating …

**Ratio:** The trigger for initiating CIRP under Section 7 of the IBC is the occurrence of a default

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**Reasoning:** The court found that the Corporate Debtor had defaulted on the repayment of the financial

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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 of the case, finding that the

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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…**: The Petitioner and the Corporate…
- **2019-10-07 — Email Request for…**: The Petitioner sent an email to the Corporate Debtor calling upon the Corporate Debtor to…

## 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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