# In the matter of Mindlogicx Infratec Limited C.P. (IB) No.126-BB-2022

> NCLT judgment dated 2023-06-09. Citation: TCN-2023-NCLT-02996. Union Bank of India (erstwhile Corporation Bank) filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-02996
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mindlogicx-infratec-limited-cp-ib-no126-bb-2022-9e94056c

## Summary

### Background

Union Bank of India (erstwhile Corporation Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Mindlogicx Infratec Limited, the Corporate Debtor, for defaulting on a debt of Rs. 14,72,37,646/-. The Corporate Debtor had availed overdraft and term loans from the bank, secured by collateral security. The account was classified as NPA on 29.05.2014. Several attempts were made to restructure the loan and settle the dues through One Time Settlement (OTS) schemes, but the Corporate Debtor failed to adhere to the agreed terms. The Financial Creditor had previously initiated proceedings before the Tribunal, which were disposed of with liberty to file a fresh CP if

…

## Facts

Union Bank of India (erstwhile Corporation Bank) extended overdraft and term loans to Mindlogicx Infratec Limited. The Corporate Debtor sought an overdraft loan of Rs. 1 Crore for working capital and a term loan of Rs. 10 Crores for software purchase related to a contract with Gujarat Technological University. These loans were sanctioned on 22.05.2013. The Corporate Debtor executed collateral security of commercial property in Chennai and various documents in favor of the Financial Creditor on 30.05.2013. The account was classified as NPA on 29.05.2014 due to non-compliance with the terms of sanction. The Financial Creditor annulled the restructuring order and demanded Rs. 1.14 Crores for regularization. The Corporate Debtor filed a Writ Petition (WP No.42451/2014) in

…

## Issues and analysis

### Issue 1: Whether the present petition filed by the …

**Ratio:** Section 18 of the Limitation Act, 1963, states that acknowledgment of debt in writing

…

**Reasoning:** The Adjudicating Authority considered the various OTS proposals made by the Corporate

…

**Interpretation:** The interpretation of Section 18 of the Limitation Act, 1963, is that any

…

**Application:** In this case, the Corporate Debtor had made several OTS proposals to the

…

## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** Union Bank of…
- **Respondents:** M/s. Mindlogicx…

## Timeline

- **2013-05-22 — Loans Sanc…**: Overdraft loan of Rs.1 Crore and Term Loan of Rs.10 Crores sanctioned to the Corporate…
- **2013-05-30 — Loan Ava…**: Corporate Debtor availed…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mindlogicx-infratec-limited-cp-ib-no126-bb-2022-9e94056c