# In the matter of Naman Broadcastings And Telecommunications Private Limited IB-645-(ND)-2022

> NCLT judgment dated 2023-04-24. Citation: TCN-2023-NCLT-03651. Mr. Kishore Bora filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 24 Apr 2023
- **Citation:** TCN-2023-NCLT-03651
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/naman-broadcastings-and-telecommunications-private-limited-ib-645-nd-2022-6a3504ef

## Summary

### Background

Mr. Kishore Bora filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Naman Broadcastings and Telecommunications Private Limited for default in settling an amount of Rs. 1,05,07,500/-. The Corporate Debtor had taken a business loan of Rs. 1,00,00,000/- from the Financial Creditor, which was disbursed on various dates. A loan agreement was executed on 18.02.2021, with a repayment period of 4 months from 18.02.2021 to 17.06.2021 at an interest rate of 12% per annum. The Corporate Debtor failed to repay the principal and interest amount by 17.06.2021. The Financial Creditor sent reminder letters and a legal notice, but the Corporate Debtor failed to make the payment.

## Facts

Mr. Kishore Bora, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s. Naman Broadcastings and Telecommunications Private Limited, the Corporate Debtor. The Corporate Debtor, through its Director Mr. Sulabh Dixit, requested a business loan of Rs. 1,00,00,000/- from the Financial Creditor. The Financial Creditor disbursed the loan on various dates. A loan agreement was executed on 18.02.2021, stipulating a repayment period from 18.02.2021 to 17.06.2021 at an interest rate of 12% per annum. The Corporate Debtor failed to repay the principal and interest by 17.06.2021. The Financial Creditor sent a reminder letter on 28.06.2021. The Corporate Debtor requested an extension of the payment

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating …

**Ratio:** Section 7 of the IBC requires the applicant to establish that there is a financial debt

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**Reasoning:** The Adjudicating Authority must ascertain and record satisfaction in a summary

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**Interpretation:** Section 7 of the IBC provides the framework for initiating CIRP by a financial

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**Application:** In this case, the applicant, Mr. Kishore Bora, has claimed default on the part

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## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** Kishore…
- **Respondents:** M/s. Naman…

## Timeline

- **2021-02-18 — Loan Agreement…**: The Corporate Debtor and the Financial…
- **2021-02-18 — Loan Disbursement Start…**: Loan was disbursed 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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