# In the matter of Optiemus Infracom Ltd.

> NCLT judgment dated 2023-11-10. Citation: TCN-2023-NCLT-00758. The case involves an application filed by Raja Som Sehrawat, the Financial Creditor/Applicant,…

- **Court:** NCLT
- **Order date:** 10 Nov 2023
- **Citation:** TCN-2023-NCLT-00758
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/optiemus-infracom-ltd-9de9b7c4

## Summary

### Background

The case involves an application filed by Raja Som Sehrawat, the Financial Creditor/Applicant, under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Optiemus Infracom Limited, the Corporate Debtor/Respondent, for an alleged default of Rs. 3,30,00,000. The applicant claimed that the Corporate Debtor sought a short-term, interest-free loan in July 2020, promising repayment within three months (October 2020). The applicant disbursed the loan on 21.07.2020. The Corporate Debtor failed to repay the loan as promised, leading to the application for CIRP.

## Facts

In July 2020, Mr. Ashok Gupta, the Managing Director of Optiemus Infracom Ltd. (Corporate Debtor), approached Raja Som Sehrawat (Financial Creditor) for a short-term, interest-free loan of Rs. 3,30,00,000, promising repayment within three months (October 2020). The loan was disbursed on 21.07.2020 via cheque, credited to the Corporate Debtor's account on 22.07.2020. After three months, the Financial Creditor demanded repayment, and the Corporate Debtor sought 15 days' extension, which was granted. Subsequently, the Corporate Debtor requested more time, citing plans to sell an immovable property in Noida. The Financial Creditor agreed to wait until 20.02.2021. On 20.02.2021, the Corporate Debtor stated they were interacting with interested parties but needed more time.

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## Issues and analysis

### Issue 1: Whether the application for initiation of CIRP is barred by Section 10A of the Insolvency and …

**Ratio:** Section 10A of the IBC prohibits the initiation of CIRP for defaults occurring during the

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**Reasoning:** The tribunal examined the applicant's claim of the date of default being 22.09.2021.

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

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**Application:** Since the tribunal determined that the date of default was 21.10.2020, which

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Raja Som Se…
- **Respondents:** Optiemus Infracom…; Optiemus Infracom…

## Timeline

- **2020-07-01 — Loan Req…**: The Managing Director of the Corporate Debtor approached the Financial Creditor for a…
- **2020-07-21 — Loan Disbur…**: The Financial Creditor disbursed a loan of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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