# In the matter of Sadhna Media Private Limited IB-769-(ND)-2021

> NCLT judgment dated 2022-03-30. Citation: TCN-2022-NCLT-03463. M/s. Naman Infradevelopers Private Limited filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 30 Mar 2022
- **Citation:** TCN-2022-NCLT-03463
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sadhna-media-private-limited-ib-769-nd-2021-bd35b8ba

## Summary

### Background

M/s. Naman Infradevelopers Private Limited filed an application 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 Media Private Limited due to an alleged default in settling an amount of Rs. 1,00,86,967. The Financial Creditor and Corporate Debtor entered into a loan agreement dated 18.02.2021, where the Financial Creditor agreed to advance a short-term loan of Rs. 1,00,00,000 to the Corporate Debtor. The Corporate Debtor sought an extension of the loan period, which was not agreed to by the Financial Creditor, who then sent a loan recall notice. The Corporate Debtor

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## Facts

M/s. Naman Infradevelopers Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sadhna Media Private Limited (Corporate Debtor). The Financial Creditor's company is involved in the business of developing land and building, while the Corporate Debtor is engaged in setting up TC channels and networks. In February 2021, the Corporate Debtor needed funds for working capital and approached the Financial Creditor for a loan of Rs. 1,00,00,000, which was accepted. A loan agreement was entered on 18.02.2021, with an interest rate of 4% per month for 3 months, with repayment due on 10.06.2021. The Financial Creditor advanced the loan in

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## Issues and analysis

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

**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 and arguments presented by both parties. The

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**Interpretation:** Section 7 of the IBC provides a mechanism for financial creditors to recover

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**Application:** The Tribunal applied Section 7 of the IBC to the facts of the case, finding

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## Parties

- **Judges:** SHRI. P.S.N.…; RAHUL BHA…
- **Appellants:** M/s. Naman…
- **Respondents:** M/s. Sadhna Media…

## Timeline

- **2021-02-18 — Loan Agre…**: Financial Creditor and Corporate Debtor entered into a loan agreement where the Financial…
- **2021-02-10 — Loan Disbur…**: Rs. 23,00,000.00 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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