# In the matter of FORTUNE ASSETS PRIVATE LIMITED

> NCLT judgment dated 2026-03-18. Citation: TCN-2026-NCLT-00232. The case involves a company petition filed by Edelweiss Asset Reconstruction Company Limited…

- **Court:** NCLT
- **Order date:** 18 Mar 2026
- **Citation:** TCN-2026-NCLT-00232
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/fortune-assets-private-limited-34f268a6

## Summary

### Background

The case involves a company petition filed by Edelweiss Asset Reconstruction Company Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Fortune Assets Private Limited (Corporate Debtor) due to a default in payment of financial debt.

## Facts

Edelweiss Asset Reconstruction Company Limited, acting as a financial creditor, filed a Company Petition on February 7, 2026, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) against Fortune Assets Private Limited, the corporate debtor, for a default in financial debt amounting to Rs. 13,11,27,85,247/- as of January 15, 2026. The financial creditor is an Asset Reconstruction Company registered under Section 3 of the Securitisation and Reconstruction of Financial Assets and Enforcement of Security Interest Act, 2002 (SARFAESI Act). The corporate debtor, Fortune Assets Private Limited, was incorporated on November 7, 2008, under the Companies Act, 1956. The company required

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** The Corporate Debtor committed default in repayment of financial debt, and the account

…

**Reasoning:** The Tribunal found that the Corporate Debtor defaulted on repayment on March 11, 2023,

…

**Interpretation:** The issuance of a Loan Recall Notice and a notice under Section 13(2) of the

…

**Application:** The facts presented, including the dates of default and the outstanding amount,

…

## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** Edelweiss Asset…
- **Respondents:** Fortune Assets…
- **Other parties:** ARCK Resolution…
- **Advocates:** Karan San…; For the Applicant/…

## Timeline

- **February 27, 2019 — Term Loan I Sa…**: ECL Finance Limited sanctioned Term Loan I of…
- **March 1, 2019 — Loan Agreement…**: A Loan Agreement for Term Loan I was executed between the parties, along with a Demand…

## 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/nclt-ahmedabad/fortune-assets-private-limited-34f268a6