# In the matter of Nufuture Digital (India) Limited

> NCLT judgment dated 2024-10-03. Citation: TCN-2024-NCLT-00496. The case involves a Company Petition filed by Hewlett Packard Financial Services (India)…

- **Court:** NCLT
- **Order date:** 3 Oct 2024
- **Citation:** TCN-2024-NCLT-00496
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nufuture-digital-india-limited-abb10cd7

## Summary

### Background

The case involves a Company Petition filed by Hewlett Packard Financial Services (India) Private Limited ('the Financial Creditor') under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Nufuture Digital (India) Limited ('the Corporate Debtor'). The petition arises from the non-payment of dues related to an unsecured loan and lease granted to the Corporate Debtor under a Master Rental and Financing Agreement (MFRA). The Financial Creditor and Corporate Debtor entered into the MFRA on June 28, 2016, which included 8 lease contracts and 83 loan contracts, resulting in a total exposure of Rs. 241 crores. The obligation was guaranteed by Mr. Kishore Biyani, a promoter of the Corporate

…

## Facts

Hewlett Packard Financial Services (India) Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Nufuture Digital (India) Limited (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition is based on the non-payment of dues related to an unsecured loan and lease granted to the Corporate Debtor. On June 28, 2016, both parties entered into a Master Rental and Financing Agreement (MFRA), which included 8 lease contracts and 83 loan contracts, resulting in a total exposure of Rs. 241 crores. The obligation was guaranteed by Mr. Kishore Biyani. During FY 2020-21, the MFRA was restructured twice. Post-restructuring, the Corporate Debtor made payments until

…

## Issues and analysis

### Issue 1: Whether the present petition is barred by Section …

**Ratio:** Section 10A of the IBC provides a bar on initiating CIRP for defaults occurring during a

…

**Reasoning:** The Corporate Debtor argued that the date of default was crystallized as 31.12.2020,

…

**Interpretation:** The interpretation of Section 10A involves determining whether the default

…

**Application:** The NCLT found that the default occurred on 31.01.2022, which is outside the

…

## Parties

- **Judges:** V.G. B…; Prabhat…
- **Appellants:** Hewlett Packard…
- **Respondents:** Nufuture Digital…

## Timeline

- **2016-06-28 — Master Rental and…**: Hewlett Packard Financial Services (India) Private Limited and Nufuture Digital (India)…
- **2020-01-01 — MFRA Restru…**: During FY 2020-21, the MFRA underwent restructuring twice: (a) January 28, 2021 and (b)…

## 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/nufuture-digital-india-limited-abb10cd7