# In the matter of Lalit Sanduja vs. UV Asset Reconstruction Company Ltd. & Anr.

> NCLAT judgment dated 2025-07-29. Citation: TCN-2025-NCLAT-00434. The appeal was filed against the order of the Adjudicating Authority dated 30.01.2025, which…

- **Court:** NCLAT
- **Order date:** 29 Jul 2025
- **Citation:** TCN-2025-NCLAT-00434
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/lalit-sanduja-vs-uv-asset-reconstruction-company-ltd-anr-4120b0c0

## Summary

### Background

The appeal was filed against the order of the Adjudicating Authority dated 30.01.2025, which admitted a Section 7 application filed by M/s Tourism Finance Corporation of India Limited, alleging a default of Rs. 13,00,63,069/- as of 28.02.2024.

## Facts

The appeal was filed against the Adjudicating Authority's order dated 30.01.2025 admitting a Section 7 application.

The Section 7 application was filed by M/s Tourism Finance Corporation of India Limited.

The alleged default amount was Rs. 13,00,63,069/- as of 28.02.2024.

The appellant claimed to have made an advance payment of Rs. 5 Crores on 12.06.2023.

UV Asset Reconstruction Company Limited sought substitution for Tourism Finance Corporation of India Limited based on an Assignment Agreement dated 28.03.2025.

The Adjudicating Authority accepted documents regarding the Rs. 5 Crores payment but did not address it in the impugned order.

The court allowed UV Asset Reconstruction Company Limited to be substituted in place of Tourism Finance Corporation of India Limited.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority's order admitting the Section 7 application was justified given …

**Ratio:** The court found that the order admitting the Section 7 application deserved to be set

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**Reasoning:** The court considered the submissions made by

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**Interpretation:** The court interpreted that the advance payment and the lack of a clear default

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**Application:** The court applied this interpretation to set aside the Adjudicating Authority's

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Lalit Sa…; Suspended Board…; +1 more
- **Respondents:** UV Asset Reconstru…
- **Other parties:** Tourism Finance…
- **Advocates:** Abhijeet…; Akhil Sha…; +3 more

## Timeline

- **30.01.2025 — Adjudicating Authority…**: Adjudicating Authority passed an order admitting Section 7 application filed by M/s…
- **28.02.2024 — Default…**: Alleged default date for the…

## 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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