# In the matter of Pilot MInes & Minerals Private Limited Company Petition No. IB-237(PB)-2022

> NCLT judgment dated 2022-09-19. Citation: TCN-2022-NCLT-01023. The case originates from a petition filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 19 Sept 2022
- **Citation:** TCN-2022-NCLT-01023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pilot-mines-minerals-private-limited-company-petition-no-ib-237pb-2022-51054542

## Summary

### Background

The case originates from a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, concerning a financial debt in the form of an Inter Corporate Deposit. The petition was filed before the National Company Law Tribunal (NCLT), Principal Bench, New Delhi. The court sought clarification on several aspects related to the financial debt and compliance with relevant sections of the Companies Act, 2013 and the Insolvency and Bankruptcy Code, 2016.

## Facts

BSFC Distributors Private Limited filed a petition against Pilot Mines & Minerals Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The financial debt in question is an Inter Corporate Deposit. The NCLT is examining the validity of the debt and compliance with the Companies Act, 2013, specifically Sections 186, 179, and 117. The court has requested a certified true copy of the Board Resolution, audited financial statements for the years 2020-21 and 2021-22, and MCA form MGT-14, if applicable. The Financial Creditor is directed to file a response to the questions raised by the court by September 26, 2022. The case is listed on September 26, 2022.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

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

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**Reasoning:** The court is examining whether the Inter Corporate Deposit qualifies as a 'financial

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**Interpretation:** The interpretation of 'financial debt' under Section 5(8) of the IBC is crucial

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**Application:** The court will apply the definition of 'financial debt' to the specific facts

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** M/s BSFC DISTRIBUT…
- **Respondents:** M/s PILOT MINES &…

## Timeline

- **2022-09-19 — Clarification order…**: NCLT delivered a clarification order seeking additional information and documentation…
- **2022-09-26 — Deadline for filing…**: The Financial Creditor is directed to file a response to the questions raised by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 186 — Punishment for false information, concealment,…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-186)

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