# AKASA FINANCE LIMITED vs. SKI & SNOW RESORTS PVT. LTD.

> NCLT judgment dated 2026-06-10. Citation: TCN-2026-NCLT-00574. Akasa Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 10 Jun 2026
- **Citation:** TCN-2026-NCLT-00574
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/akasa-finance-limited-vs-ski-snow-resorts-pvt-ltd-dx7xq

## Summary

### Background

Akasa Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Ski & Snow Resorts Pvt. Ltd. (Corporate Debtor) due to a default on a term loan of Rs. 2,00,00,000/-. The Corporate Debtor was set ex-parte after failing to appear or file a reply. Several interlocutory applications (IAs) filed by the Corporate Debtor, including one under Section 8 of the Arbitration Act and others for recalling ex-parte orders and condonation of delay, were dismissed.

## Facts

Akasa Finance Limited (Financial Creditor/Applicant) filed a petition under Section 7 of the IBC, 2016, against Ski & Snow Resorts Private Limited (Corporate Debtor/Respondent).

The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) against Ski & Snow Resorts Private Limited.

The Corporate Debtor was set ex-parte by an order dated 04.07.2025, after its right to file a reply was struck off on 07.04.2025.

The Financial Creditor sanctioned a term loan of Rs. 2,00,00,000/- to the Corporate Debtor via a loan agreement dated 5th December, 2014.

The loan was repayable with 36% interest per annum, with an original deadline of 31st September 2014, extended to 30th September 2016 via an Addendum dated 1st October 2015.

…

## Issues and analysis

### Issue 1: Whether an application filed under Section 8 of the Arbitration Act is maintainable in a petition …

**Ratio:** An application under Section 8 of the Arbitration Act is not maintainable in a petition

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**Reasoning:** The NCLT relied on the judgment of the Hon'ble NCLAT in Mrs. Nandhitha Vedam versus Ms.

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**Interpretation:** The NCLT interpreted the NCLAT's ruling to mean that the scope of 'dispute' in

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**Application:** IA No.546/2023, filed by the Corporate Debtor under Section 8 of the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** AKASA FINANCE…
- **Respondents:** SKI & SNOW…
- **Other parties:** Committee of…; Chairman/MD/Direct…; +2 more
- **Advocates:** Sh. Arvind…

## Timeline

- **2014-12-05 — Loan Agre…**: Akasa Finance Limited sanctioned a term loan of Rs. 2,00,00,000/- to Ski & Snow Resorts…
- **2014-09-31 — Original Repayment…**: The original deadline for repayment of the entire loan with interest was on or before…

## Legal provisions

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

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