# In the matter of S T G Softek Private Limited Company Petition No. (IB)-556(ND)-2021

> NCLT judgment dated 2022-06-20. Citation: TCN-2022-NCLT-02176. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 20 Jun 2022
- **Citation:** TCN-2022-NCLT-02176
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/s-t-g-softek-private-limited-company-petition-no-ib-556nd-2021-af6b69f7

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Assets Care & Reconstruction Enterprise Limited (Financial Creditor) against STG Softek Private Limited (Corporate Debtor). The Financial Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor based on a corporate guarantee issued by STG Softek for a loan taken by ATS Infrastructure Limited and Mr. Getamber Anand from Xander Finance Private Limited (Assignor). The Assignor later assigned the loan and underlying securities to the Financial Creditor. ATS Infrastructure Limited defaulted on its repayment obligations, leading the Financial Creditor to invoke the corporate guarantee against STG Softek. The Corporate Debtor

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## Facts

ATS Infrastructure Limited and Mr. Getamber Anand (Borrowers) entered into a Loan Agreement dated 2017-09-29 for a rupee term loan facility of INR 50,00,00,000 from Xander Finance Private Limited (Assignor). STG Softek Private Limited (Corporate Debtor) acted as a Security Provider/Obligor in the Loan Agreement. The Assignor executed an assignment agreement dated 2021-04-13 with the Financial Creditor, Assets Care & Reconstruction Enterprise Limited, assigning all loans and underlying securities. The Assignor intimated the Borrowers and the Corporate Debtor about the assignment on 2021-04-14. ATS Infrastructure Limited defaulted on its repayment obligations on 2021-03-31 and 2021-04-12. The Financial Creditor invoked the corporate guarantee issued by the Corporate

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## Issues and analysis

### Issue 1: Whether the sums claimed by the Financial Creditor constitute a 'debt' within the meaning of the …

**Ratio:** A 'debt' under the IBC includes a liability or obligation in respect of a 'claim', which

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**Reasoning:** The NCLT referred to the Supreme Court's judgment in 'Innoventive Industries Ltd.' Vs.

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**Interpretation:** The definition of 'debt' under the IBC is broad and encompasses any liability

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**Application:** In this case, the Financial Creditor claimed a specific amount due under the

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## Parties

- **Judges:** DHARMINDER…; SUMITA PURK…; +1 more
- **Appellants:** Assets Care and…; Assets Care &…
- **Respondents:** STG Softek…

## Timeline

- **2017-09-29 — Loan Agre…**: ATS Infrastructure Limited and Mr. Getamber Anand entered into a Loan Agreement with…
- **2021-04-13 — Assignment Ag…**: Xander Finance Private Limited executed an assignment agreement with Assets Care &…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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