# In the matter of Vikram Structures Private Limited C.P. (IB) No. 246-BB-2019

> NCLT judgment dated 2022-02-17. Citation: TCN-2022-NCLT-04099. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 17 Feb 2022
- **Citation:** TCN-2022-NCLT-04099
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vikram-structures-private-limited-cp-ib-no-246-bb-2019-aa6a6920

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by India Asset Growth Fund and Vistra (ITCL) India Limited, the Financial Creditors, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vikram Structures Private Limited, the Corporate Debtor, due to a default in payment. The Financial Creditors had provided financial assistance to the Corporate Debtor through secured, unlisted, redeemable non-convertible debentures. The Corporate Debtor defaulted on payments, leading to the invocation of a corporate guarantee. A previous settlement attempt failed, leading to the restoration of the CIRP application.

## Facts

India Asset Growth Fund and Vistra (ITCL) India Limited, the Financial Creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Vikram Structures Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 29.04.2008. The Financial Creditor No.1 is a trust established as per the provisions of the Indian Trust Act, 1882 and registered as Category II AIF under SEBI (Alternative Investment Funds) Regulations 2012. The Corporate Debtor defaulted on a payment of Rs.31,81,30,887/- as on 31.12.2016. The Borrower Company issued 2200 senior, secured, redeemable, unlisted non-convertible debentures having a face value of Rs.1,00,000/- each aggregating

…

## Issues and analysis

### Issue 1: Whether the present application under …

**Ratio:** Section 7(5) of the IBC allows the Adjudicating Authority to admit an application if it

…

**Reasoning:** The Adjudicating Authority found that the application was complete and that a default had

…

**Interpretation:** Section 7 of the IBC provides the framework for initiating the CIRP by a

…

**Application:** The Adjudicating Authority applied Section 7(5) of the IBC to the facts of the

…

## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** India Asset…
- **Respondents:** Vikram Structures…

## Timeline

- **2015-10-21 — NCD Subscr…**: Financial Creditor No.1 subscribed to the NCDs and disbursed Rs.22,00,00,000/- to the…
- **2015-10-21 — Deed of Corporate…**: The Corporate Debtor executed the Deed of Corporate Guarantee in favour of the Financial…

## 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/vikram-structures-private-limited-cp-ib-no-246-bb-2019-aa6a6920