# In the matter of Technokolla (India) Private Limited C.P. No. 1189-IBC-MB-2021

> NCLT judgment dated 2022-12-16. Citation: TCN-2022-NCLT-00114. Intec Capital Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 16 Dec 2022
- **Citation:** TCN-2022-NCLT-00114
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/technokolla-india-private-limited-cp-no-1189-ibc-mb-2021-5fc71836

## Summary

### Background

Intec Capital Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Technokolla (India) Private Limited, alleging default on a financial debt of Rs. 4,17,43,890/-. The Financial Creditor provided documents including a loan sanction letter, loan agreement, charge form, notice of loan recall cum arbitration, and an arbitration award to demonstrate the existence of the debt and default.

## Facts

Technokolla (India) Private Limited approached Intec Capital Limited for a loan of Rs. 99,76,188/- to purchase multiple machines, which was secured by hypothecation. Intec Capital sanctioned the loan on 2014-12-29. A loan agreement was executed on 2014-12-31 for Rs. 99,73,188/-. A charge was registered with the registrar of companies on 2014-12-31, giving Intec Capital a first and exclusive charge on the machinery financed. After deductions, the loan was disbursed on 2015-01-09 and 2015-01-13, payable in monthly installments of Rs. 2,32,130/- for 60 months. Technokolla defaulted on the repayment schedule, leading to legal proceedings. Intec Capital issued a notice of Loan Recall cum Arbitration on 2016-03-01. Arbitration proceedings commenced, and an award was passed

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor …

**Ratio:** A default occurs when a debtor fails to pay a debt when it is due. The existence of a

…

**Reasoning:** The court noted that the Corporate Debtor failed to adhere to the repayment schedule,

…

**Interpretation:** The legal principle is that a failure to meet the agreed-upon repayment

…

**Application:** The Corporate Debtor's failure to make payments as per the loan agreement and

…

## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Intec Capital…
- **Respondents:** Technokolla…; None App…

## Timeline

- **2014-12-29 — Loan Sanction…**: Loan Sanction Letter issued by Intec Capital Limited to Technokolla (India) Private…
- **2014-12-31 — Loan Agre…**: Loan Agreement executed between Intec Capital Limited and Technokolla (India) Private…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/technokolla-india-private-limited-cp-no-1189-ibc-mb-2021-5fc71836