# In the matter of Panda Technologies India Private Limited

> NCLT judgment dated 2025-01-21. Citation: TCN-2025-NCLT-00604. Omkara Assets Reconstruction Private Limited filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 21 Jan 2025
- **Citation:** TCN-2025-NCLT-00604
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/panda-technologies-india-private-limited-574ecf4f

## Summary

### Background

Omkara Assets Reconstruction Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Panda Technologies India Private Limited. The application stems from a default on a loan originally provided by L&T FinCorp Limited (later L&T Finance Limited) to Panda Technologies. L&T FinCorp sanctioned a financing facility of Rs. 1,50,00,000 to Panda Technologies on 17.07.2013, with a facility agreement executed on the same date. Panda Technologies was to repay the loan within 90 days with interest at 13.75% p.a. L&T issued a demand notice on 19.04.2017 for an amount of Rs.67,19,390/- due as on 23.03.2017. L&T Finance Limited assigned its debt to

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## Facts

Omkara Assets Reconstruction Private Limited (Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Panda Technologies India Private Limited (Respondent). The basis for the application is a default on a loan originally provided by L&T FinCorp Limited (later L&T Finance Limited) to the Respondent. L&T FinCorp sanctioned a financing facility of Rs. 1,50,00,000 to the Respondent on 17.07.2013, with a facility agreement executed on the same date. The Respondent was to repay the loan within 90 days with interest at 13.75% p.a. The Respondent executed a Demand Promissory Note dated 17.07.2013, promising to pay Rs. 1,50,00,000 with interest. The

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The court found that the applicant had established a debt and default on the part of the

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**Interpretation:** Section 7 provides the mechanism for a financial creditor to trigger the

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**Application:** The court applied Section 7 to the facts of the case, finding that the

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## Parties

- **Judges:** Chitra Ha…; KAUSHALENDRA…
- **Appellants:** Omkara Assets…
- **Respondents:** Panda Technologies…
- **Advocates:** Kunal God…; Vijayesh…

## Timeline

- **2013-07-17 — Loan Sanc…**: L&T FinCorp Limited sanctioned a financing facility of Rs. 1,50,00,000 to Panda…
- **2017-04-19 — Demand Notice…**: L&T issued a demand notice to Panda Technologies India Private Limited for Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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