# In the matter of Sadhna Communications Private Limited IB-232(ND)-2022

> NCLT judgment dated 2022-07-19. Citation: TCN-2022-NCLT-01649. The case involves an application filed by Mr. Subodh Kumar Nath, a financial creditor, under…

- **Court:** NCLT
- **Order date:** 19 Jul 2022
- **Citation:** TCN-2022-NCLT-01649
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sadhna-communications-private-limited-ib-232nd-2022-dde63a77

## Summary

### Background

The case involves an application filed by Mr. Subodh Kumar Nath, a financial creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s Sadhna Communications Private Limited. The financial creditor claimed a default of Rs. 1,15,95,049. The corporate debtor had approached the financial creditor for a business loan of Rs. 1,11,00,000, which was disbursed. A loan agreement was executed on September 17, 2021. The loan was disbursed for three months at 9% per annum. The corporate debtor failed to pay the principal and interest by December 16, 2021.

## Facts

Mr. Subodh Kumar Nath, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against M/s Sadhna Communications Private Limited, the corporate debtor. The corporate debtor, through its director Mr. Arpan Gupta, requested a business loan of Rs. 1,11,00,000 from the financial creditor. The financial creditor disbursed the loan, and a loan agreement was executed on September 17, 2021. The loan was for a period of three months, from September 17, 2021, to December 16, 2021, at an interest rate of 9% per annum. The corporate debtor defaulted on the payment of principal and interest by the due date. The financial creditor sent reminder letters on December 25, 2021, and January 17, 2022, and a legal notice on

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Reasoning:** The Tribunal considered the documents submitted by both parties, including the loan

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

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**Application:** The Tribunal found that the financial creditor had provided sufficient evidence

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## Parties

- **Judges:** SHRI. P.S.N.…; SHRI. RAHUL…
- **Appellants:** Subodh Kuma…
- **Respondents:** SADHNA COMMUNICATI…; M/s SADHNA…

## Timeline

- **2021-09-17 — Loan Agreement…**: The Corporate Debtor and Financial…
- **2021-09-17 — Loan Disbursem…**: Loan was disbursed for a period of 3 months…

## 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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