# In the matter of Subham Capital Private Limited vs. Vedic Realty Private Limited

> NCLAT judgment dated 2026-03-19. Citation: TCN-2026-NCLAT-00105. Subham Capital Private Limited, claiming to be a Financial Creditor, filed a Section 7…

- **Court:** NCLAT
- **Order date:** 19 Mar 2026
- **Citation:** TCN-2026-NCLAT-00105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/subham-capital-private-limited-vs-vedic-realty-private-limited-39928f98

## Summary

### Background

Subham Capital Private Limited, claiming to be a Financial Creditor, filed a Section 7 petition under the Insolvency and Bankruptcy Code (IBC) against Vedic Realty Private Limited, the Corporate Debtor, for initiation of Corporate Insolvency Resolution Process (CIRP). The Adjudicating Authority dismissed the petition, leading Subham Capital to file an appeal.

## Facts

Subham Capital Private Limited disbursed loans aggregating Rs 22.75 Cr to Vedic Realty Private Limited between 2011 and 2016.

The loan transactions were reflected in the books of accounts of both parties and acknowledged by Vedic Realty through confirmation letters and promissory notes.

Vedic Realty Private Limited defaulted on repayment after 07.04.2021.

Subham Capital Private Limited issued a recall notice on 01.03.2022 and filed a Section 7 petition (CP(IB)No. 215 of 2022).

A settlement agreement was executed on 18.11.2022, leading to the withdrawal of the first Section 7 petition.

Vedic Realty Private Limited failed to comply with the settlement terms, prompting Subham Capital Private Limited to file a second Section 7 petition (CP(IB) No.146 of 2023).

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## Issues and analysis

### Issue 1: Whether the absence of a written loan agreement is …

**Ratio:** The IBC does not mandate a written

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**Reasoning:** Section 238 of the IBC overrides the RBI Circular requiring written agreements for NBFCs.

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**Interpretation:** A written agreement is not a pre-condition for proving the existence of a

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**Application:** The Adjudicating Authority erred in dismissing the Section 7 petition solely

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Subham Capital…
- **Respondents:** Vedic Realty…
- **Advocates:** Gaurav…; Arjun As…; +9 more

## Timeline

- **2011-2016 — Loan Disbur…**: Subham Capital Private Limited disbursed…
- **2021-04-07 — Default…**: Vedic Realty Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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