# In the matter of Spectrum Aero Private Limited

> NCLT judgment dated 2024-03-11. Citation: TCN-2024-NCLT-02122. The case involves a petition filed by Meghdoot Corrougators & Packers Private Limited, the…

- **Court:** NCLT
- **Order date:** 11 Mar 2024
- **Citation:** TCN-2024-NCLT-02122
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/spectrum-aero-private-limited-e135cc93

## Summary

### Background

The case involves a petition filed by Meghdoot Corrougators & Packers Private Limited, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Spectrum Aero Private Limited, the Corporate Debtor. The Financial Creditor claims that the Corporate Debtor defaulted on a loan agreement. The Corporate Debtor admits to the default but cites inability to repay due to the divestment of its aircraft chartering business and lack of revenue-generating activities.

## Facts

Meghdoot Corrougators & Packers Private Limited (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Spectrum Aero Private Limited (Corporate Debtor) seeking to initiate CIRP. The Financial Creditor had advanced a loan of Rs. 3,00,00,000 to the Corporate Debtor based on a loan agreement dated 09.03.2022, with an interest rate of 8% p.a. The Financial Creditor disbursed Rs. 2,57,00,000 in tranches between 23.03.2022 and 06.08.2022. The Corporate Debtor made a partial payment of Rs. 1,25,00,000 on 31.01.2023 but failed to make further payments. A notice for outstanding payment was sent on 09.08.2023, followed by a reminder on 22.08.2023. The Corporate Debtor admitted to the default, stating an inability to repay the loan due to the

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## Issues and analysis

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

**Ratio:** Section 7 of the IBC, 2016 allows a financial creditor to initiate CIRP against a

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**Reasoning:** The Adjudicating Authority considered the application filed by the Financial Creditor,

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

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**Application:** In this case, the Financial Creditor demonstrated that a default had occurred,

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** Meghdoot Corrougat…
- **Respondents:** Spectrum Aero…

## Timeline

- **2022-03-09 — Loan Agreeme…**: Loan agreement between Meghdoot Corrougators & Packers Private Limited and Spectrum Aero…
- **2022-03-23 — First Tranche…**: Rs. 1,00,00,000 disbursed to…

## 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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