# In the matter of EVO Green Trading Pvt. Ltd. Company Petition No. (IB)-361 (PB)-2020

> NCLT judgment dated 2022-02-10. Citation: TCN-2022-NCLT-04198. The case involves an application filed by Volkswagen Finance Pvt. Ltd. under Section 7 of the…

- **Court:** NCLT
- **Order date:** 10 Feb 2022
- **Citation:** TCN-2022-NCLT-04198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/evo-green-trading-pvt-ltd-company-petition-no-ib-361-pb-2020-3798440a

## Summary

### Background

The case involves an application filed by Volkswagen Finance Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Evo Green Trading Pvt. Ltd. Volkswagen Finance claims that Evo Green Trading defaulted on a financial facility availed from them. The application was filed before the National Company Law Tribunal (NCLT), New Delhi Bench-IV.

## Facts

Volkswagen Finance Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Evo Green Trading Pvt. Ltd. Volkswagen Finance claimed that Evo Green Trading had availed a financial facility from them on 30.07.2015 and defaulted on repayment. The outstanding amount as of 16.12.2019 was Rs. 1,00,00,500.00. Volkswagen Finance submitted a copy of the loan application form, loan agreement dated 30.07.2015, and a copy of the demand notice dated 18.12.2019 as evidence. Evo Green Trading remained absent despite service of notice. The registered office of Evo Green Trading is in New Delhi, giving the NCLT Delhi jurisdiction. Mr. Abhishek Chauhan was authorized to file the

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## Issues and analysis

### Issue 1: Whether the application filed by Volkswagen Finance Pvt. Ltd. under Section 7 of the Insolvency and …

**Ratio:** An application under Section 7 of the Code is acceptable if the debt is proved to be due

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**Reasoning:** The tribunal considered the documents submitted by the applicant, including the loan

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

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**Application:** The tribunal found that the applicant had provided sufficient evidence to prove

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## Parties

- **Judges:** Sh. Dharminder…; SUMITAPURKA…
- **Appellants:** Volkswagen…
- **Respondents:** EVO GREEN TRADING…

## Timeline

- **2008-09-05 — Incorporation of…**: Evo Green Trading Pvt.…
- **2009-01-16 — Registration of…**: Volkswagen Finance Pvt. Ltd. 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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