# In the matter of VIZTAR INTERNATIONAL PRIVATE LIMITED

> NCLT judgment dated 2025-02-20. Citation: TCN-2025-NCLT-00457. The case originates from a Company Petition filed under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Feb 2025
- **Citation:** TCN-2025-NCLT-00457
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/viztar-international-private-limited-f19d23bc

## Summary

### Background

The case originates from a Company Petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Mr. Sahil Deepak Surve, the Financial Creditor/Applicant, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Viztar International Private Limited, the Corporate Debtor/Respondent. The applicant claims default on a loan agreement for working capital.

## Facts

Mr. Sahil Deepak Surve, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Viztar International Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated under the Companies Act, 1956 on 28.09.2007. The Corporate Debtor entered into a loan agreement and executed a deed of hypothecation dated 10th December 2020 in favor of the Applicant agreeing to provide a working capital loan of Rs. 1,25,00,000/- for business expansion. As per the terms of the loan agreement, the Corporate Debtor was bound to repay the loan amount within 30 days from the date of written demand after 30.09.2021. On 1st October 2021, a letter seeking

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the IBC is complete and …

**Ratio:** Section 7 of the IBC read with Rule 4 of the Insolvency and Bankruptcy (Application to

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**Reasoning:** The court found that the petition was complete in all respects, as it contained all the

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**Interpretation:** The court interpreted Section 7 of the IBC and Rule 4 of the Insolvency and

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**Application:** The court applied this interpretation to the facts of the case and found that

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## Parties

- **Judges:** V. G. Bisht…; SH. PRABHAT…
- **Appellants:** Sahil Deepa…
- **Respondents:** Viztar Internation…

## Timeline

- **2020-12-10 — Deed of Hypot…**: Corporate Debtor executed a deed of…
- **2021-09-30 — Demand for Re…**: Date after which written…

## 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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