# In the matter of V4 Infrastructure Private Limited Company Petition No. (IB)-233(ND)-2022

> NCLT judgment dated 2022-07-20. Citation: TCN-2022-NCLT-01632. Kamal Renu Credit and Invest Private Limited filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 20 Jul 2022
- **Citation:** TCN-2022-NCLT-01632
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/v4-infrastructure-private-limited-company-petition-no-ib-233nd-2022-5b54229b

## Summary

### Background

Kamal Renu Credit and Invest Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against V4 Infrastructure Private Limited, the corporate debtor. The application was based on the corporate debtor's failure to repay a loan amount of Rs. 1,00,00,000/- due as of 31.01.2022, stemming from a loan agreement dated 29.10.2021. The corporate debtor acknowledged the debt but attributed the non-service of the agreed interest to sluggish market conditions due to COVID-19 and court litigations.

## Facts

Kamal Renu Credit and Invest Private Limited (the financial creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against V4 Infrastructure Private Limited (the corporate debtor). The financial creditor and the corporate debtor entered into a loan agreement dated 29.10.2021. The corporate debtor availed financial facilities from the financial creditor. As of 31.01.2022, a sum of Rs. 1,00,00,000/- was claimed to be due and payable by the corporate debtor. The corporate debtor admitted to the debt but attributed the non-service of the agreed interest to sluggish market conditions due to COVID-19 and court litigations. The financial creditor submitted documents including the

…

## Issues and analysis

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

**Ratio:** An application under Section 7 of the Code is maintainable if the debt is proved to be

…

**Reasoning:** The court noted that the material on record confirms that the respondent has a debt due

…

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

…

**Application:** The court found that the debt was proven to be due, the default was more than

…

## Parties

- **Judges:** Sh. Dharminder…; BINOD KUMAR…
- **Appellants:** Kamal Renu Credit…
- **Respondents:** V4 Infrastructure…

## Timeline

- **1993-01-11 — Registration of…**: Kamal Renu Credit and Invest Private Limited…
- **2004-11-11 — Registration of…**: V4 Infrastructure Private 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)

---

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/v4-infrastructure-private-limited-company-petition-no-ib-233nd-2022-5b54229b