# In the matter of Filoura Big Broadcasting Private Limited

> NCLT judgment dated 2025-09-23. Citation: TCN-2025-NCLT-01408. Vrushvik Entertainment Private Limited, the Financial Creditor/Applicant, filed an application…

- **Court:** NCLT
- **Order date:** 23 Sept 2025
- **Citation:** TCN-2025-NCLT-01408
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/filoura-big-broadcasting-private-limited-eb88722f

## Summary

### Background

Vrushvik Entertainment Private Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Filoura Big Broadcasting Private Limited, the Corporate Debtor, due to a default on a loan.

## Facts

Vrushvik Entertainment Private Limited filed an application under Section 7 of the IBC to initiate CIRP against Filoura Big Broadcasting Private Limited.

The application was filed on 09.01.2025.

The total amount claimed to be in default is Rs. 1,11,71,770/- including principal and interest.

The principal amount of the loan is Rs. 84,00,000/-.

The date of default is mentioned as 15.06.2024.

The Corporate Debtor approached the Applicant for a corporate loan in 2022.

A Term Sheet dated 01.02.2022 recorded the terms and conditions of the loan, including an interest rate of 12% per annum.

The Applicant advanced Rs. 84,00,000/- in two tranches on 25.02.2022 and 16.03.2022.

The Corporate Debtor acknowledged the loan in its Audited Financial Statements for the year ending 31.03.2023.

…

## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The application is maintainable as the Applicant has demonstrated the existence of a

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**Reasoning:** The Tribunal observed that the Corporate Debtor had availed facilities from the

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**Interpretation:** The Tribunal interpreted Section 7 of the IBC to mean that if a financial debt

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**Application:** The Tribunal applied the provisions of Section 7 to the facts of the case and

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Vrushvik Entertain…
- **Respondents:** Filoura Big…
- **Other parties:** Govindan Ramaswamy…; NPV Insolvency…
- **Advocates:** Mithila…; Neel La…

## Timeline

- **2025-01-09 — Application…**: Application bearing C.P.(IB) No.334/MB/2025 filed by Vrushvik Entertainment Private…
- **2022-02-25 — First Tranche…**: An amount of Rs. 56,00,000/- was…

## 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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