# In the matter of Sammi Electronics India Private Limited Company Petition No. (IB) 173 (ND)-2020

> NCLT judgment dated 2022-05-24. Citation: TCN-2022-NCLT-04777. Tata Capital Financial Services Limited filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 24 May 2022
- **Citation:** TCN-2022-NCLT-04777
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/sammi-electronics-india-private-limited-company-petition-no-ib-173-nd-2020-207cac6b

## Summary

### Background

Tata Capital Financial Services Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sammi Electronics India Private Limited, the Corporate Debtor.

## Facts

Tata Capital Financial Services Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The application sought to initiate Corporate Insolvency Resolution Process (CIRP) against Sammi Electronics India Private Limited.

The Corporate Debtor defaulted on a loan agreement dated 31.08.2012.

The outstanding amount claimed by the Financial Creditor is Rs. 2,30,87,069/-.

Mr. Kapil Dev Taneja was proposed as the Interim Resolution Professional (IRP).

The Adjudicating Authority admitted the application and declared a moratorium.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** An application under Section 7 of the Code is maintainable if the debt is proved to be

…

**Reasoning:** The Tribunal found that the Corporate Debtor had defaulted on a loan agreement and the

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**Interpretation:** Section 7 of the Code allows a Financial Creditor to initiate CIRP if a default

…

**Application:** The Tribunal applied the provisions of Section 7 and Section 4 of the Code to

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## Parties

- **Judges:** Sh. Dharminder…; SUMITAPURKA…
- **Appellants:** Tata Capital…
- **Respondents:** Sammi Electronics…
- **Other parties:** Kapil Dev…; Companies Act,…; +1 more

## Timeline

- **2010-11-19 — Registration of…**: Tata Capital Financial Services Limited is registered under the provisions of the…
- **2012-08-31 — Loan Agre…**: Loan agreement between Tata Capital Financial Services Limited and Sammi Electronics…

## 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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