# 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-03231. 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-03231
- **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-2019-9ff23187

## 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 that this amount was due as an unsecured loan as of 31.03.2016. The Corporate Debtor denied the averments, arguing that 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

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## Facts

Emgee Media Integrated Services Pvt Ltd (Financial Creditor) claimed Vyjayanthi Televentures Private Limited (Corporate Debtor) owed Rs. 9,09,80,000/- as an unsecured loan as of 31.03.2016. The Financial Creditor filed a petition under Section 7 of the IBC. The Corporate Debtor denied the debt and argued the petition was not maintainable. The Corporate Debtor claimed the Financial Creditor had already filed a Company Petition No. 401/241/HDB/2018 under the Companies Act, 2013. The Corporate Debtor also alleged harassment through multiple IBC proceedings. The Financial Creditor issued a demand notice on 22.05.2019, which the Corporate Debtor replied to on 06.06.2019. The Corporate Debtor argued that the Financial Creditor's claim was barred by limitation. The Corporate

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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 NCLT observed that there was no pleading in the company petition to the effect that

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**Interpretation:** The court interpreted Section 18 of the Limitation Act to mean that an

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**Application:** In this case, the NCLT found that the Financial Creditor failed to establish

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## Parties

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

## Timeline

- **2016-03-31 — Date of Default…**: Financial Creditor claims the date of default was 31.03.2016 as per the letter of…
- **2016-06-09 — Letter of Confirmation…**: Letter of confirmation of balance amount dated 09.06.2016 claimed to have been issued by…

## 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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