# In the matter of EGT Entertainment Private Limited

> NCLT judgment dated 2025-04-07. Citation: TCN-2025-NCLT-00242. The case involves an application filed by PAN India Network Limited ("Financial Creditor")…

- **Court:** NCLT
- **Order date:** 7 Apr 2025
- **Citation:** TCN-2025-NCLT-00242
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/egt-entertainment-private-limited-17095729

## Summary

### Background

The case involves an application filed by PAN India Network Limited ("Financial Creditor") under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process ("CIRP") against EGT Entertainment Private Limited ("Corporate Debtor") for an unresolved Financial Debt of Rs. 2,42,60,191/- plus interest. The Corporate Debtor was incorporated as a Private Limited Company under the jurisdiction of Registrar of Companies (ROC), Sikkim. The Financial Creditor disbursed an unsecured loan to the Corporate Debtor. The Financial Creditor was admitted into CIRP by the NCLT, Mumbai, and subsequently ordered into liquidation, with Ms. Sonu Gupta appointed as the Liquidator.

## Facts

PAN India Network Limited (in liquidation) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against EGT Entertainment Private Limited, citing an unresolved financial debt of Rs. 2,42,60,191/- plus interest, with a default date of 31.03.2023. EGT Entertainment Private Limited was incorporated in Sikkim in 2010. The Financial Creditor disbursed an unsecured loan to the Corporate Debtor. The Financial Creditor itself was admitted into CIRP and subsequently liquidated, with Ms. Sonu Gupta appointed as the Liquidator. The Liquidator sought and obtained permission from the NCLT, Mumbai, to initiate legal proceedings against the Corporate Debtor. A demand notice was issued to the Corporate Debtor, which was acknowledged, but

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in repaying the financial debt owed to the Financial …

**Ratio:** The principle is that if a corporate debtor fails to repay a financial debt, and there is

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**Reasoning:** The Tribunal noted that the Corporate Debtor did not dispute the existence of the debt or

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**Interpretation:** This issue involves the interpretation of Section 7 of the IBC, which allows a

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**Application:** The Tribunal applied the ratio to the facts by noting the Corporate Debtor's

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## Parties

- **Judges:** Rammurti Ku…; Yogendra Kumar…
- **Appellants:** Pan India Network…
- **Respondents:** EGT Entertainment…

## Timeline

- **2010-04-23 — Incorporation of…**: EGT Entertainment Private Limited was incorporated under the Registration of Companies…
- **2019-10-14 — Financial Creditor…**: PAN India Network Limited was…

## 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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