# In the matter of LDR DEVELOPERS PRIVATE LIMITED

> NCLT judgment dated 2025-09-17. Citation: TCN-2025-NCLT-01361. Keeler Industries Limited (Financial Creditor) filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 17 Sept 2025
- **Citation:** TCN-2025-NCLT-01361
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/ldr-developers-private-limited-8cd73d43

## Summary

### Background

Keeler Industries Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against LDR Developers Private Limited (Corporate Debtor) for a financial debt of Rs. 11,43,68,356/- as on 09.11.2019.

## Facts

Keeler Industries Limited (formerly known as Wealth Mantra Properties Limited) filed an application under Section 7 of the IBC against LDR Developers Private Limited.

The application was filed on 15.07.2021.

The alleged date of default is 25.11.2019.

The total financial debt claimed is Rs. 11,43,68,356/- as on 09.11.2019.

A Memorandum of Understanding (MOU) dated 31.07.2017 was executed between the Financial Creditor, the Corporate Debtor, and Mr. Nawanshu Goyal.

The Applicant disbursed sums from September 2015 till November 2018 towards the project.

The Applicant issued a recall notice dated 09.11.2019 demanding repayment of the principal sum of Rs. 7,02,06,667/- along with interest @12% per annum amounting to Rs. 3,11,32,322.81/-.

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## Issues and analysis

### Issue 1: Whether the amounts advanced by the Financial Creditor constitute a 'financial debt' under Section …

**Ratio:** The NCLT relied on the definition of 'financial debt' under Section 5(8) of the IBC and

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**Reasoning:** The NCLT reasoned that the funds were advanced by the Applicant to the Corporate Debtor

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**Interpretation:** The NCLT interpreted the MOU and the conduct of the parties as indicating a

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**Application:** The NCLT applied the principles to the facts of the case, noting that the

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Keeler Industries…
- **Respondents:** LDR Developers…
- **Other parties:** Sanjeev A…; Rohit Ag…; +3 more
- **Advocates:** Abhishek…; Shubham P…

## Timeline

- **2021-07-15 — Application…**: Application filed by M/s…
- **2017-07-31 — Second M…**: Second MOU was executed among the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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