# In the matter of Redkenko Health Tech Private Limited

> NCLT judgment dated 2024-12-17. Citation: TCN-2024-NCLT-00048. This case involves a petition filed by Axis Trustee Services Limited, acting as the Debenture…

- **Court:** NCLT
- **Order date:** 17 Dec 2024
- **Citation:** TCN-2024-NCLT-00048
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/redkenko-health-tech-private-limited-6182cf26

## Summary

### Background

This case involves a petition filed by Axis Trustee Services Limited, acting as the Debenture Trustee for Blacksoil Capital Private Limited and Blacksoil India Credit Fund, against Redkenko Health Tech Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition pertains to the Corporate Debtor's failure to comply with material financial covenants as per the Debenture Trust and Hypothecation Deed, specifically regarding the disbursal of 200 debentures with a face value of Rs. 5,00,000 each, totaling Rs. 10,00,00,000. The Financial Creditor seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

## Facts

Axis Trustee Services Limited, acting as the Debenture Trustee for Blacksoil Capital Private Limited and Blacksoil India Credit Fund, filed a petition against Redkenko Health Tech Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition was filed due to the Corporate Debtor's failure to comply with financial covenants related to a Debenture Trust and Hypothecation Deed. The Corporate Debtor had issued 200 debentures with a face value of Rs. 5,00,000 each, totaling Rs. 10,00,00,000. The Financial Creditors disbursed Rs. 10,00,00,000 to the Corporate Debtor. The Corporate Debtor defaulted on payments, leading to an aggregate amount of Rs. 5,65,35,993 outstanding as of May 2024, including loan balance, interest, default interest, and

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on its …

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

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**Reasoning:** The court observed that the Corporate Debtor had issued debentures to the Financial

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**Interpretation:** The court interpreted the evidence presented by the Financial Creditor,

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**Application:** The court applied the ratio to the facts of the case, noting that the Corporate

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## Parties

- **Judges:** SH. PRABHAT…; Sh. Justice V.G…
- **Appellants:** Axis Trustee…
- **Respondents:** Redkenko Health…

## Timeline

- **2023-09-14 — Agreement Ex…**: An Agreement was executed between the…
- **2023-09-15 — Disbursal o…**: Rs. 10,00,00,000 was disbursed…

## 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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