# In the matter of Vinilok Solutions Private Ltd.

> NCLT judgment dated 2024-09-13. Citation: TCN-2024-NCLT-00598. Shradha Buildcon Pvt. Ltd & Anr. filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 13 Sept 2024
- **Citation:** TCN-2024-NCLT-00598
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vinilok-solutions-private-ltd-757b662e

## Summary

### Background

Shradha Buildcon Pvt. Ltd & Anr. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vinilok Solutions Private Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The applicant, Shradha Buildcon, claimed to have extended financial assistance to Vinilok Solutions, which allegedly defaulted on repayment. The corporate debtor, Vinilok Solutions, argued that its business was adversely affected by COVID-19, leading to financial difficulties. The financial creditor issued recall notices due to delayed interest payments and failure to meet business plan targets. The corporate debtor acknowledged the loan but cited business disruptions due to COVID-19 as a reason for its inability to repay.

## Facts

Shradha Buildcon Pvt. Ltd & Anr. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vinilok Solutions Private Ltd (Corporate Debtor) seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed to have provided a loan of Rs. 10 Crore to the Corporate Debtor, with disbursement over 2 years, contingent on meeting obligations and satisfactory progress in the expansion plan, as per the loan agreement dated 27.04.2022. The loan was disbursed at an interest rate of 15% per annum, with a 12-month interest-free period starting from the first disbursement of Rs. 5 Crore on 05.07.2022. Interest began accruing from 05.07.2023. The Financial Creditor contended that interest

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on its …

**Ratio:** The adjudicating authority has merely to see the records of the information utility or

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**Reasoning:** The court found that the Corporate Debtor did not comply with recall and demand notices

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**Interpretation:** The legal principle emphasizes that the adjudicating authority's primary task

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**Application:** In this case, the court relied on the financial creditor's records showing the

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Shradha Buildcon…
- **Respondents:** Vinilok Solutions…

## Timeline

- **2020-06-12 — Loan by Applic…**: Applicant No. 2 lent Rs. 1 crore to the corporate debtor, repayable by May 24, 2022, or…
- **2022-04-27 — Loan Agre…**: Loan agreement between Shradha Buildcon…

## 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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