# In the matter of TECHINDIA NIRMAN LIMITED

> NCLT judgment dated 2025-01-02. Citation: TCN-2025-NCLT-00684. The case involves a petition filed by Agri-Tech (India) Limited, the Financial…

- **Court:** NCLT
- **Order date:** 2 Jan 2025
- **Citation:** TCN-2025-NCLT-00684
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/techindia-nirman-limited-71a9436a

## Summary

### Background

The case involves a petition filed by Agri-Tech (India) Limited, the Financial Creditor/Applicant, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Techindia Nirman Limited, the Corporate Debtor/Respondent. The Financial Creditor claims that the Corporate Debtor has defaulted on a loan agreement.

## Facts

Agri-Tech (India) Limited, the Financial Creditor, filed a petition under Section 7 of the IBC to initiate CIRP against Techindia Nirman Limited, the Corporate Debtor. The Corporate Debtor approached the Petitioner for financial assistance, and an inter-corporate loan agreement was executed on 11.05.2021, for INR 65,00,00,000/- for a period of 3 years from 01.04.2021. The Corporate Debtor was required to repay the loan amount along with accrued interest immediately at the end of the term, i.e., on 31.03.2024. The interest rate was agreed at 12% per annum. The Corporate Debtor acknowledged the loan amount of Rs. 64,35,93,480/- and interest of Rs. 18,04,60,979/-, totaling Rs. 82,40,54,459/- in a letter dated 18.04.2024. The Corporate Debtor failed to repay the total loan

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 7 of the IBC for initiating CIRP …

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

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**Reasoning:** The court found that the Corporate Debtor had acknowledged the debt and was in default of

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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 court applied Section 7 of the IBC to the facts of the case, finding that

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## Parties

- **Judges:** V. G. Bisht…; SH. PRABHAT…
- **Appellants:** Agri-Tech (India)…
- **Respondents:** Techindia Nirman…

## Timeline

- **1993-08-02 — Incorporation of…**: Agri-Tech (India) Limited…
- **1980-10-30 — Incorporation of…**: Techindia Nirman Limited…

## 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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