# In the matter of EGT Entertainment Private Limited

> NCLT judgment dated 2025-04-07. Citation: TCN-2025-NCLT-00236. The case involves an application filed by PAN India Network Limited ("Financial Creditor")…

- **Court:** NCLT
- **Order date:** 7 Apr 2025
- **Citation:** TCN-2025-NCLT-00236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/egt-entertainment-private-limited-db379d39

## 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), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against EGT Entertainment Private Limited, the Corporate Debtor, for an unresolved financial debt of Rs. 2,42,60,191/- plus interest. The date of default was 31.03.2023. The Corporate Debtor was incorporated in Sikkim in 2010. The Financial Creditor disbursed an unsecured loan to the Corporate Debtor. The Financial Creditor was admitted into CIRP and subsequently ordered into liquidation, with Ms. Sonu Gupta appointed as the Liquidator. The Liquidator approached the NCLT, Mumbai, seeking permission to initiate legal proceedings, which was granted. A demand notice

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency

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**Reasoning:** The Tribunal noted that the Corporate Debtor did not file any affidavit in reply,

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

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**Application:** Since the Corporate Debtor did not contest the claim and the Financial Creditor

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## Parties

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

## Timeline

- **2010-04-23 — Corporate Debtor…**: EGT Entertainment Private…
- **2019-10-14 — Financial Creditor…**: PAN India Network Limited…

## Legal provisions

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

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