# In the matter of Printek Graphix (India) Private Limited CP No. (IB) 4094- MB-2018

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-02412. Dena Bank, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-02412
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/printek-graphix-india-private-limited-cp-no-ib-4094-mb-2018-ef0839fd

## Summary

### Background

Dena Bank, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Printek Graphix (India) Private Limited, the Corporate Debtor. The Financial Creditor alleged that the Corporate Debtor defaulted in making payment of an aggregate amount of Rs. 22,77,29,148.51/-. The Corporate Debtor had approached the Financial Creditor for credit facilities in the form of Cash Hypothecation Loan and Letter of Credit Facility, which were disbursed starting from March 1, 2013. The Corporate Debtor was declared a Non-Performing Asset (NPA) on September 15, 2013.

## Facts

Dena Bank, the Financial Creditor, filed a petition against Printek Graphix (India) Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default in payment. The Corporate Debtor had availed credit facilities from the Financial Creditor, including Cash Hypothecation Loan and Letter of Credit Facility, with disbursements starting on March 1, 2013. The total outstanding dues amounted to Rs. 22,77,29,148.51/-, including principal, interest, and default interest till October 25, 2018. The Corporate Debtor was declared an NPA on September 15, 2013. The Corporate Debtor admitted their liability in a letter dated June 3, 2017. The Corporate Debtor failed to appear before the Tribunal despite notice and filed Application

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has successfully demonstrated the existence of debt and default by …

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

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**Reasoning:** The Tribunal found that the Financial Creditor had satisfactorily established the

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**Interpretation:** Section 7 of the IBC requires the financial creditor to demonstrate the

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**Application:** In this case, the Financial Creditor provided evidence of the debt through

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Dena…
- **Respondents:** Printek Graphix…
- **Advocates:** Pranav Kh…

## Timeline

- **2013-03-01 — Disbursement of Credit…**: The Financial Creditor disbursed credit facilities to the Corporate Debtor starting from…
- **2013-09-15 — Declaration…**: The Corporate Debtor was declared a…

## 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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