# In the matter of Vinod Kumar vs. Omkara Asset Reconstruction Pvt. Ltd. & Anr.

> NCLAT judgment dated 2025-04-04. Citation: TCN-2025-NCLAT-00381. This appeal was filed by the Suspended Director of the Corporate Debtor (CD) challenging the…

- **Court:** NCLAT
- **Order date:** 4 Apr 2025
- **Citation:** TCN-2025-NCLAT-00381
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vinod-kumar-vs-omkara-asset-reconstruction-pvt-ltd-anr-4f64a12a

## Summary

### Background

This appeal was filed by the Suspended Director of the Corporate Debtor (CD) challenging the order dated 28.11.2024 passed by the National Company Law Tribunal, Chandigarh Bench (Court-I), admitting Section 7 Application and directing commencement of Corporate Insolvency Resolution Process (CIRP) against the CD.

## Facts

Indusland Bank sanctioned a Term Loan Facility of Rs.300 crores to G.P. Realtors Pvt. Ltd. in 2016.

The Sanction Letter was issued on 29.06.2016, and a Master General Terms Agreement was executed on 04.08.2016.

The repayment was to be made in one-shot bullet payment of Rs.300 crores at the end of 48 months.

An addendum was issued extending the availability period of the credit facility.

The CD requested a moratorium due to the Covid-19 pandemic.

The 48-month repayment schedule ended on 11.02.2021.

A demand notice was issued on 01.06.2021, demanding payment of Rs.272,66,31,168/- as principal and Rs.15,40,73,336/- as interest.

Indusland Bank assigned the Loan Facility to Omkara Asset Reconstruction Pvt. Ltd. on 30.09.2021.

…

## Issues and analysis

### Issue 1: Whether the Section 7 application is …

**Ratio:** Section 10A prohibits the initiation of CIRP for defaults occurring during the specified

…

**Reasoning:** The appellant argued that the default occurred during the Section 10A period. However,

…

**Interpretation:** The tribunal interpreted that if the default continues after the 10A period,

…

**Application:** The tribunal found that the default in interest payment continued after the 10A

…

## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** VINOD K…
- **Respondents:** CD…; G.P Realtors Pvt.…; +1 more
- **Other parties:** Indusland Bank…; Suspended D…
- **Advocates:** Abhijeet…; Abhishek…; +15 more

## Timeline

- **2016-N/A — Loan San…**: Indusland Bank sanctioned a Term Loan Facility…
- **2016-06-29 — Sanction…**: Sanction Letter was…

---

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/vinod-kumar-vs-omkara-asset-reconstruction-pvt-ltd-anr-4f64a12a