# In the matter of Kixx Media Private Limited

> NCLT judgment dated 2023-11-09. Citation: TCN-2023-NCLT-00810. M/s. Banyan Tree Natural Products Private Limited filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 9 Nov 2023
- **Citation:** TCN-2023-NCLT-00810
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kixx-media-private-limited-04497dcf

## Summary

### Background

M/s. Banyan Tree Natural Products Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Kixx Media Private Limited for defaulting on a loan repayment of Rs. 1,18,66,905, including interest. The applicant, Banyan Tree Natural Products, had provided a loan facility of Rs. 1,10,000.00 to Kixx Media Private Limited, and also made payments to third parties on behalf of the corporate debtor amounting to Rs. 1,03,19,048. The applicant sent reminders via email for repayment, and a legal notice was served on 06.10.2021. The corporate debtor acknowledged the debt but cited losses due to the COVID-19 pandemic as a reason for non-payment.

## Facts

M/s. Banyan Tree Natural Products Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Kixx Media Private Limited (Corporate Debtor). A loan agreement dated 10.07.2019 was executed between the parties, where the Financial Creditor provided a loan facility of Rs. 1,10,000.00 to the Corporate Debtor. The Financial Creditor also made payments of Rs. 1,03,19,048 to third parties on behalf of the Corporate Debtor. Despite reminders via emails dated 23.08.2021, 25.08.2021, and 30.08.2021, and a legal notice dated 06.10.2021, the Corporate Debtor failed to repay the total loan amount of Rs. 1,18,66,905, including interest. The Corporate

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## Issues and analysis

### Issue 1: Whether the application filed by M/s. Banyan Tree Natural Products Private Limited under Section 7 …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The Tribunal considered the documents submitted by the Financial Creditor and the reply

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

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**Application:** In this case, the Financial Creditor provided sufficient documentation to

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** M/s. Banyan Tree…
- **Respondents:** M/s. Kixx Media…
- **Advocates:** Pooja S…; Kumar Pra…

## Timeline

- **2019-07-10 — Loan Agre…**: Loan Agreement executed between M/s. Banyan Tree Natural Products Private Limited and…
- **2021-08-23 — Email Rem…**: Applicant sent email reminders for…

## 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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