# In the matter of FORTUITY GAMING SOLUTIONS PRIVATE LIMITED

> NCLT judgment dated 2025-09-09. Citation: TCN-2025-NCLT-01358. The case involves a petition filed by the liquidator of PAN India Network Limited (Financial…

- **Court:** NCLT
- **Order date:** 9 Sept 2025
- **Citation:** TCN-2025-NCLT-01358
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/fortuity-gaming-solutions-private-limited-1bc60d73

## Summary

### Background

The case involves a petition filed by the liquidator of PAN India Network Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Fortuity Gaming Solutions Private Limited (Corporate Debtor) for defaulting on a loan repayment.

## Facts

Fortuity Gaming Solutions Private Limited (Corporate Debtor) approached PAN India Network Limited (Financial Creditor) in 2016 for a loan of Rs. 3,60,00,000 for business purposes.

An agreement was executed on 01/04/2016, with the loan repayable on or before 31/03/2021, with an interest rate of 9%.

The Corporate Debtor defaulted on the repayment, with the date of default mentioned as 31/03/2023, and an outstanding amount of Rs. 5,86,80,000/-.

The Financial Creditor ordered for CIRP vide Hon'ble NCLT, Mumbai Bench's Order dated 14.10.2019. Followed by ordered for liquidation, vide Hon'ble NCLT, Mumbai Bench's order dated 21.12.2021.

The Liquidator of the Financial Creditor filed an application under Section 7 of the IBC after obtaining permission from the NCLT, Mumbai.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** The Hon'ble Supreme Court in Innoventive Industries Limited v. ICICI Bank Limited held

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**Reasoning:** The Adjudicating Authority considered the records and evidence provided by the Financial

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**Interpretation:** The Adjudicating Authority must be satisfied that a default has occurred before

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**Application:** The Adjudicating Authority found that the Corporate Debtor had defaulted on the

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** PAN India Network…
- **Respondents:** Fortuity Gaming…
- **Other parties:** Surendra Nemchand…
- **Advocates:** Sidharth…

## Timeline

- **2016-04-01 — Loan Agre…**: Loan agreement executed between PAN India Network Limited and Fortuity Gaming Solutions…
- **2023-03-31 — Date of D…**: Date of default…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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