# 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-00118. Intec Capital Limited, the 'Petitioner', filed a Company Petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 16 Dec 2022
- **Citation:** TCN-2022-NCLT-00118
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/technokolla-india-private-limited-cp-no-1189-ibc-mb-2021-9893fe9e

## Summary

### Background

Intec Capital Limited, the 'Petitioner', 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. Technokolla (India) Private Limited, the 'Corporate Debtor', due to an unresolved financial debt of Rs. 4,17,43,890/-. The Financial Creditor provided documents demonstrating the existence of the debt, including a loan sanction letter, loan agreement, charge form, notice of loan recall cum arbitration, and an arbitration award.

## Facts

The Petitioner, Intec Capital Limited, sought to initiate CIRP against the Respondent, Technokolla (India) Private Limited, due to an outstanding financial debt. The Respondent approached the Petitioner for a loan of Rs. 99,76,188/- to purchase machinery, secured by hypothecation. The loan was sanctioned 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 the Petitioner a first and exclusive charge on the financed machinery. After deductions, the loan was disbursed on 2015-01-09 and 2015-01-13, payable in monthly installments of Rs. 2,32,130/- over 60 months. The Respondent defaulted on repayments, leading to legal proceedings. The Petitioner issued a loan recall

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor …

**Ratio:** The principle is that if a corporate debtor fails to make payments as per the agreed

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

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**Interpretation:** This issue involves interpreting the terms of the loan agreement and the

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**Application:** The court applied this principle to the facts, noting the Corporate Debtor's

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## Parties

- **Judges:** H.V. Subb…; ANURADHA SANJAY…
- **Appellants:** Intec Capital…
- **Respondents:** Technokolla…

## Timeline

- **2014-12-29 — Loan Sanction…**: Loan Sanction Letter issued by the…
- **2014-12-31 — Loan Agre…**: Loan Agreement executed between the…

## 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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