# In the matter of Sai Akshar Graphics Private Limited  C.P. (I.B.)- 915 of 2022

> NCLT judgment dated 2022-12-16. Citation: TCN-2022-NCLT-00113. ASREC (INDIA) LTD. filed a Company Petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 16 Dec 2022
- **Citation:** TCN-2022-NCLT-00113
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sai-akshar-graphics-private-limited-cp-ib-915-of-2022-fd0afc11

## Summary

### Background

ASREC (INDIA) LTD. filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Sai Akshar Graphics Private Limited, claiming a financial debt of Rs. 10,76,46,635.34. The Corporate Debtor had obtained credit facilities from Bharat Co-operative Bank (Mumbai) Limited, which later assigned the debt to ASREC (INDIA) LTD. The Corporate Debtor defaulted in repaying the dues, leading to the account being classified as a Non-Performing Asset. The Financial Creditor presented documents demonstrating the existence of the debt, including forwarding letters, demand notices, assignment agreements, and records of default.

## Facts

ASREC (INDIA) LTD. filed a petition to initiate CIRP against M/s. Sai Akshar Graphics Private Limited, claiming a financial debt of Rs. 10,76,46,635.34. The debt originated from credit facilities granted by Bharat Co-operative Bank (Mumbai) Limited to the Corporate Debtor. The Corporate Debtor defaulted on repayments, leading to the account being classified as a Non-Performing Asset on 09.09.2019. The bank issued a demand notice under Section 13(2) of the SARFAESI Act, 2002, on 09.10.2020, for Rs. 8,03,93,967. An assignment agreement was executed on 25.03.2021, transferring the debt from Bharat Co-operative Bank to ASREC (INDIA) LTD. The petition was filed on 26.08.2022. The Corporate Debtor was set ex-parte by an order dated 10.10.2022, due to non-appearance. The

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by ASREC (INDIA) LTD. against M/s. Sai Akshar Graphics Private …

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

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**Reasoning:** The court considered the provisions of Section 7 of the IBC and Rule 4 of the relevant

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**Interpretation:** Section 7 provides the legal framework for initiating CIRP by a financial

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**Application:** The court applied Section 7 to the facts of the case, examining whether ASREC

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## Parties

- **Judges:** H.V. Subb…; K. K. S…
- **Appellants:** ASREC (Indi…
- **Respondents:** M/s. Sai Akshar…

## Timeline

- **2019-09-09 — Account Classified as…**: The account of the Corporate Debtor was…
- **2020-10-09 — Demand Notice under…**: Bharat Co-operative Bank issued a demand notice under Section 13(2) of the SARFAESI Act,…

## 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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