# In the matter of I World Business Solutions Private Limited

> NCLT judgment dated 2023-08-29. Citation: TCN-2023-NCLT-01874. The case involves an application (I.A./4964/2022) filed by a Financial Creditor, Vintage…

- **Court:** NCLT
- **Order date:** 29 Aug 2023
- **Citation:** TCN-2023-NCLT-01874
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/i-world-business-solutions-private-limited-683d5c32

## Summary

### Background

The case involves an application (I.A./4964/2022) filed by a Financial Creditor, Vintage Footwear Pvt. Ltd., seeking to amend the main Company Application (C.P.(IB)355(ND)/2021) filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, against I World Business Solutions Private Limited, the Corporate Debtor. The amendment pertains to the date of default, which the applicant initially mentioned as 15.07.2020 but now claims should be 15.04.2021. The Corporate Debtor opposes the amendment, arguing it's an attempt to circumvent Section 10A of the IBC, which excludes defaults arising during a specific COVID-19 pandemic period.

## Facts

Vintage Footwear Pvt. Ltd., the Financial Creditor, filed a Company Application (C.P.(IB) No. 355(ND) of 2021) under Section 7 of the IBC against I World Business Solutions Private Limited, the Corporate Debtor, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default in payment of a financial debt amounting to Rs. 1,83,51,025 as of 31.03.2021. Initially, the date of default was mentioned as 15.07.2020 in the application. The Financial Creditor then filed an Interlocutory Application (I.A. 4964/2022) to amend the date of default to 15.04.2021, claiming the original date was inadvertently mentioned. The Corporate Debtor opposed the amendment, arguing that the actual default date was 15.07.2020, and amending it

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the amendment of pleadings in an application under …

**Ratio:** There is no bar in law to the amendment of pleadings in an application under Section 7 of

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**Reasoning:** The court relied on the Supreme Court's decision in Dena Bank (now Bank of Baroda) versus

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**Interpretation:** The Supreme Court's interpretation clarifies that the IBC does not restrict the

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**Application:** The court applied this ratio to the present case, allowing the Financial

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## Parties

- **Judges:** P.S.N. P…; BINOD KUMAR…
- **Appellants:** Vintage Footwear…
- **Respondents:** I World Business…; I World Business…

## Timeline

- **2021-01-01 — Filing of Company…**: The Financial Creditor, Vintage Footwear Pvt. Ltd., filed the main Company Application…
- **2022-01-01 — Filing of Interlocutory…**: The Financial Creditor filed an Interlocutory Application I.A. 4964/2022 seeking…

## 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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