# In the matter of IDBI Trusteeship Services Limited
Vs. Mr. Abhinav Mukherji & Ors. Company Appeal (AT) (Insolvency) No. 356 of 2022

> NCLAT judgment dated 2022-07-12. Citation: TCN-2022-NCLAT-00374. The case involves two appeals (356 and 358 of 2022) filed under Section 61(1) of the…

- **Court:** NCLAT
- **Order date:** 12 Jul 2022
- **Citation:** TCN-2022-NCLAT-00374
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/idbi-trusteeship-services-limited-vs-mr-abhinav-mukherji-ors-company-appeal-06b36c00

## Summary

### Background

The case involves two appeals (356 and 358 of 2022) filed under Section 61(1) of the Insolvency and Bankruptcy Code, 2016, challenging an order dated 14/03/2022 passed by the National Company Law Tribunal (NCLT), New Delhi Bench – II. The NCLT order pertained to I.A. No. 1610/2020 and I.A. No. 4130/2020 filed in C.P. (IB) No. 894/ND/2019. The Adjudicating Authority, on an application by a homebuyer, Mr. Abhinav Mukherji, held that IDBI Trusteeship Services Limited and ECL Finance Ltd. (the Appellants) are not 'Financial Creditors' and are 'Related Parties' to the 'Corporate Debtor'. The appeals were heard together due to common facts and a shared impugned order.

## Facts

The Appellant/IDBI was appointed as a Debenture Trustee for debentures issued by M/s. Saha Infratech Pvt. Limited (Issuer/Principal Borrower) via a Debenture Trustee Agreement dated 18/05/2016. Mr. Abhinav Mukherjee, the first Respondent, is a homebuyer of the ‘Corporate Debtor' with a claim of Rs.2,94,43,634/-. Mr. Krit Narayan Mishra, the second Respondent, is the RP of the 'Corporate Debtor', appointed on 13/07/2021. The Appellant/M/s. ECL Finance Limited is the original Debenture Holder and executed an Assignment Agreement dated 27/03/2020, assigning financial assistance rights to Assets Care and Reconstruction Enterprise Limited (‘ACRE'). In June 2016, Saha Infratech issued 110 Non-Convertible Debentures, each with a face value of Rs.1Crore/-, totaling

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was right in applying the ratio of ‘Anuj Jain (IRP of Jaypee …

**Ratio:** The ratio of ‘Anuj Jain' (Supra) is not applicable when the original lender has disbursed

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**Reasoning:** The Tribunal considered that ECL, being the original lender, had disbursed the amount in

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**Interpretation:** The interpretation of ‘Financial Debt' under Section 5(8) of the Code includes

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**Application:** The Tribunal held that the ratio of ‘Anuj Jain' (Supra) is not applicable to

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## Parties

- **Judges:** Ashok Bh…; Shreesha…
- **Appellants:** IDBI Trusteeship…
- **Respondents:** Palm Developers…; Abhinav Mu…
- **Advocates:** Abhishek Manu…; Gaurav…; +9 more

## Timeline

- **2016-05-18 — Debenture Trustee…**: Appellant/IDBI appointed as Debenture Trustee for debentures issued by M/s. Saha…
- **2016-07-01 — Debenture Tru…**: Debenture Trust Deed executed amongst the Principal Borrower, the ‘Corporate Debtor'…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 61(1) — Appeals and Appellate Authority](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-61)

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