# In the matter of Vyjayanthi Televentures Private Limited CP (IB) No. 483-7-HDB-2019

> NCLT judgment dated 2023-05-22. Citation: TCN-2023-NCLT-03236. Emgee Media Integrated Services Pvt Ltd, the Financial Creditor, filed a petition under Section…

- **Court:** NCLT
- **Order date:** 22 May 2023
- **Citation:** TCN-2023-NCLT-03236
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vyjayanthi-televentures-private-limited-cp-ib-no-483-7-hdb-2019-6cd24950

## Summary

### Background

Emgee Media Integrated Services Pvt Ltd, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vyjayanthi Televentures Private Limited, the Corporate Debtor, alleging non-payment of Rs. 9,09,80,000/-. The Financial Creditor claimed the amount was an unsecured loan. The Corporate Debtor denied the averments, claiming the application was not maintainable and that the Financial Creditor had already filed a Company Petition No. 401/241/HDB/2018 under various sections of the Companies Act, 2013, against the Corporate Debtor. The Corporate Debtor also contended that the Financial Creditor and its sister concern were trying to harass the Corporate Debtor by initiating multiple IBC proceedings.

## Facts

Emgee Media Integrated Services Pvt Ltd (Financial Creditor) filed a petition against Vyjayanthi Televentures Private Limited (Corporate Debtor) under Section 7 of the IBC, claiming non-payment of Rs. 9,09,80,000/-. The Financial Creditor asserted that this amount represented an unsecured loan. The Corporate Debtor denied the debt and argued that the petition was not maintainable, citing a prior Company Petition No. 401/241/HDB/2018 already filed under the Companies Act, 2013. The Corporate Debtor also contended that the Financial Creditor was attempting to harass them with multiple IBC proceedings. The Financial Creditor relied on a letter of confirmation of balance amount dated 09.06.2016. The Corporate Debtor denied the letter, claiming it was given inadvertently.

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## Issues and analysis

### Issue 1: Whether the debt claimed as due and payable by the respondent to the petitioner is barred by …

**Ratio:** Section 18 of the Limitation Act, 1963, states that an acknowledgment of debt must be

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**Reasoning:** The court observed that there was no pleading in the company petition to the effect that

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**Interpretation:** Section 18 of the Limitation Act requires that for an acknowledgment of debt to

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**Application:** The court found that the Financial Creditor failed to provide any material

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** Emgee Media…
- **Respondents:** Vyjayanthi…

## Timeline

- **2016-03-31 — Date of D…**: The Financial Creditor claimed the date of default was 31.03.2016 as per the letter of…
- **2016-06-09 — Letter of Confirmation…**: The Financial Creditor relied on a letter of confirmation of balance amount dated…

## 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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