# In the matter of Superways Enterprises Private Limited C.P. No. 02-MB-I&B-2021

> NCLT judgment dated 2022-07-26. Citation: TCN-2022-NCLT-01572. Prarthna Private Limited, the Petitioner/Financial Creditor, initiated Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 26 Jul 2022
- **Citation:** TCN-2022-NCLT-01572
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/superways-enterprises-private-limited-cp-no-02-mb-ib-2021-025ec3c9

## Summary

### Background

Prarthna Private Limited, the Petitioner/Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Superways Enterprises Private Limited, the Corporate Debtor, due to a default in repayment of a loan amounting to Rs. 1,25,00,000/-. The petition was filed 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. The Corporate Debtor had requested financial assistance from the Petitioner to meet its working capital requirements.

## Facts

Prarthna Private Limited (Petitioner) sought Corporate Insolvency Resolution Process (CIRP) against Superways Enterprises Private Limited (Corporate Debtor) due to a default in repayment of a loan of Rs. 1,25,00,000/-. The Petitioner is a company dealing in steel and allied products. The Corporate Debtor requested financial assistance to meet working capital needs. On October 16, 2020, the Petitioner provided a loan of Rs. 1,25,00,000/- as an inter-corporate deposit with 12% interest. The Corporate Debtor issued letters of acceptance dated October 16, 2020, undated cheques, a promissory note, and various loan documents. The Petitioner issued a demand notice on December 5, 2020, for repayment, but the Corporate Debtor failed to repay. The Corporate Debtor admitted the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a default in …

**Ratio:** A default occurs when a debt is due and payable, and the debtor fails to make the payment

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**Reasoning:** The Corporate Debtor admitted the debt and default in its reply to the petition. The

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**Interpretation:** The term 'default' under the Insolvency and Bankruptcy Code, 2016, is

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**Application:** The Corporate Debtor's admission and the documentary evidence established that

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** PRARTHNA PRIVATE…
- **Respondents:** Superways…
- **Advocates:** Saloni…; Neerav B Me…

## Timeline

- **2020-10-16 — Loan Pro…**: Petitioner provided a loan of Rs. 1,25,00,000/- to the Corporate Debtor as an…
- **2020-10-16 — Letters of Ac…**: Corporate Debtor issued…

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