# In the matter of Optiemus Infracom Ltd.

> NCLT judgment dated 2023-11-10. Citation: TCN-2023-NCLT-00765. 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-00765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/optiemus-infracom-ltd-a0a31b2a

## 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 (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Optiemus Infracom Limited, the Corporate Debtor/Respondent. The alleged default amounts to 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 financial creditor extended the loan on 21.07.2020. The applicant claimed that the corporate debtor failed to repay the loan as promised, even after multiple extensions and assurances. The respondent argued that the application is barred by Section 10A of the IBC, as the

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## Facts

In July 2020, the Managing Director of Optiemus Infracom Limited (Corporate Debtor), Mr. Ashok Gupta, approached Raja Som Sehrawat (Financial Creditor) for a short-term, interest-free loan of Rs. 3,30,00,000 to ease the company's financial difficulties, promising repayment within three months (October 2020). The Financial Creditor, trusting the assurances, extended the loan on 21.07.2020 via cheque, which was credited to the Corporate Debtor's account on 22.07.2020. After three months, the Financial Creditor demanded repayment. The Corporate Debtor sought a 15-day extension, which was granted. Subsequently, the Corporate Debtor requested more time, citing plans to sell an immovable property in Noida to repay the loan, requesting until 20.02.2021. The Financial Creditor

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor is barred by Section 10A of the Insolvency …

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

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**Reasoning:** The Tribunal examined the applicant's submissions and the legal notice issued by the

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

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**Application:** The Tribunal determined that the actual date of default was 21.10.2020, based

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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 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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