# In the matter of VISAKHA PRIME PROPERTIES CONSTRUCTIONS LIMITED

> NCLT judgment dated 2026-03-04. Citation: TCN-2026-NCLT-00195. ASREC (India) Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 4 Mar 2026
- **Citation:** TCN-2026-NCLT-00195
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/visakha-prime-properties-constructions-limited-18c6690d

## Summary

### Background

ASREC (India) Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Visakha Prime Properties Constructions Limited for default in repayment of dues amounting to Rs. 55,84,83,415.16 as on 31.03.2025, along with future interest.

## Facts

ASREC (India) Ltd. is the assignee of a debt originally advanced by UCO Bank to Visakha Prime Properties Constructions Ltd.

UCO Bank sanctioned a term loan of Rs. 75,00,000/- to the Corporate Debtor on 09.06.1998, secured by an equitable mortgage of immovable properties and hypothecation of assets.

The Corporate Debtor defaulted in repayment, and the loan account was declared NPA on 30.06.2002.

UCO Bank initiated recovery proceedings before the DRT, which were continued by ASREC as the assignee.

An earlier Section 7 petition filed by ASREC was dismissed on 06.12.2021 due to pending DRT proceedings.

The DRT disposed of the OA in favor of the Financial Creditor on 03.08.2024.

…

## Issues and analysis

### Issue 1: Whether the Petition is filed …

**Ratio:** The Hon'ble Supreme Court in Kotak Mahindra Bank Limited vs. A. Balakrishnan & Anr.

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**Reasoning:** The Adjudicating Authority relied on the Hon'ble NCLAT's decision in Virigineni Anjaiah

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**Interpretation:** A recovery certificate gives rise to a fresh cause of action for filing a

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**Application:** The Section 7 Petition was filed within 3 years of the date of decree

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## Parties

- **Judges:** UMESH KUMAR…; KISHORE VEMULAPALL…
- **Appellants:** ASREC (Indi…
- **Respondents:** Visakha Prime…
- **Other parties:** Amara…; Ganesh Venkata…
- **Advocates:** V.S. Sharma…; Arnav Sid…; +2 more

## Timeline

- **09.06.1998 — Loan Sanc…**: UCO Bank sanctioned a term loan of…
- **30.06.2002 — Account Decla…**: The loan account was declared as a…

## 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)

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