# In the matter of Aditya Kumar Jajodia Vs. ICICI Bank UK PLC & Ors. CA (AT) (Insolvency) No. 270-2019

> NCLAT judgment dated 2019-09-05. Citation: TCN-2019-NCLAT-00307. ICICI Bank UK PLC filed an application under Section 7 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLAT
- **Order date:** 5 Sept 2019
- **Citation:** TCN-2019-NCLAT-00307
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/aditya-kumar-jajodia-vs-icici-bank-uk-plc-ors-ca-c938a75b

## Summary

### Background

ICICI Bank UK PLC filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against Aditya Estates Private Limited (Corporate Debtor). ICICI Bank UK claimed to be a Financial Creditor of Aditya Estates Private Limited due to a debt of US$ 63 million granted to Assam Oil Company Ltd, an overseas company. The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi admitted the application, leading to the present appeal by a shareholder of the Corporate Debtor.

## Facts

ICICI Bank UK PLC ('ICICI Bank UK') filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 ('I&B Code') for initiation of 'Corporate Insolvency Resolution Process' against M/s Aditya Estates Private Limited ('Corporate Debtor'). ICICI Bank UK claimed to be a 'Financial Creditor' of M/s Aditya Estates Private Limited ('Corporate Debtor') on account of a debt of US$ 63 million granted by ICICI Bank UK ('Financial Creditor') to one M/s Assam Oil Company Ltd, an overseas company. The 'Debt Asset Swap Agreement' was dated 20th December, 2014. The Adjudicating Authority (National Company Law Tribunal), Principal Bench, New Delhi admitted the application by impugned order dated 26th February, 2019. The appellant (shareholder of 'Corporate

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## Issues and analysis

### Issue 1: Whether ICICI Bank UK PLC can claim to be the 'Financial Creditor' of M/s Aditya Estates Private …

**Ratio:** The legal principle is that a 'Financial Creditor' is defined under Section 5(7) of the

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**Reasoning:** The appellate tribunal found that the Corporate Debtor had undertaken an obligation under

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**Interpretation:** The interpretation of 'Financial Creditor' and 'financial debt' under the

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**Application:** In this case, the court applied the definitions of 'Financial Creditor' and

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## Parties

- **Judges:** S.J. Mukhop…; A.I.S. C…; +2 more
- **Appellants:** Aditya Kumar…
- **Respondents:** Aditya Estates…; ICICI Bank…

## Timeline

- **2007-12-21 — Facility Ag…**: The 'Facility Agreement' was dated 21st December, 2007, entered into between ‘M/s Assam…
- **2011-04-15 — Reinstatement Facility…**: The 'Facility Agreement' was amended by ‘Reinstatement Facility Agreement' dated 15th…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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