# In the matter of Sandeep Kasare
Vs.
IL&FS Financial Services Ltd. & Anr. Company Appeal (AT) (Insolvency) No. 468 of 2022

> NCLAT judgment dated 2022-09-20. Citation: TCN-2022-NCLAT-00198. The case involves two appeals filed by the same appellant, who is the suspended Director of…

- **Court:** NCLAT
- **Order date:** 20 Sept 2022
- **Citation:** TCN-2022-NCLAT-00198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/sandeep-kasare-vs-ilfs-financial-services-ltd-anr-company-appeal-60c87ed6

## Summary

### Background

The case involves two appeals filed by the same appellant, who is the suspended Director of the Corporate Debtor, G.C. Property Private Limited. Company Appeal (AT) (Insolvency) No. 468 of 2022 was filed against the order dated 11.03.2022 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted C.P. No. 2312/IBC/MB/2019 filed by the Respondent IL&FS Financial Services Ltd. Company Appeal (AT) (Insolvency) No. 1027 of 2022 was filed against the order dated 06.07.2022 in the same CP(IB) - 2312/IBC/MB/2019 by which the Adjudicating Authority allowed an application filed by the Resolution Professional under Section 33 of the Insolvency and Bankruptcy Code, 2016, and directed for liquidation of the Corporate Debtor.

## Facts

IL&FS offered a Rupee Term Loan facility of Rs.30 crores to Smt. Anupama Agarwal ('the Borrower') via an offer letter dated 27.12.2017. The offer letter included a 'Security Package' consisting of primary security, which was a mortgage by way of deposit of original title deeds over residential premises, namely Flat No.6, Gold Croft, 39, Bahulabhai Desai Road, Mumbai-26. A Loan Agreement was entered between IL&FS Financial Services Ltd. and the Principal Borrower on 29.12.2017, extending a Rupee Term Loan of Rs.300 million. On the same day, a Letter of Guarantee was issued by the Corporate Debtor, guaranteeing repayment of the Rs.30 crore loan. The Corporate Debtor also deposited the title deed of the residential property of Flat No.6 with the lender. The

…

## Issues and analysis

### Issue 1: Whether the Letter of Guarantee dated 29.12.2017 issued by the Corporate Debtor and relied upon by …

**Ratio:** The principle is that even if a facility document is not stamped, other materials on

…

**Reasoning:** The Adjudicating Authority was correct in admitting the Section 7 application even if the

…

**Interpretation:** Section 58 of the Transfer of Property Act, 1882, deals with 'Mortgage by

…

**Application:** The Corporate Debtor cannot escape from its liability for payment of the loan

…

## Parties

- **Judges:** Ashok Bh…; M. Satyanarayana…; +1 more
- **Appellants:** Sandeep K…
- **Respondents:** G.C. Property…; IL & FS Financial…

## Timeline

- **2017-12-27 — Offer Le…**: IL&FS offered a Rupee Term Loan facility of Rs.30 crores to Smt. Anupama Agarwal ('the…
- **2017-12-29 — Loan Agreement and…**: Loan Agreement was entered between IL&FS Financial Services Ltd. and the Principal…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/sandeep-kasare-vs-ilfs-financial-services-ltd-anr-company-appeal-60c87ed6