# India Housing Fund & Anr. vs. Gulam Mustafa Enterprises Private Limited

> NCLT judgment dated 2026-07-31. Citation: TCN-2026-NCLT-00830. India Housing Fund and India Housing Fund Series 2 (Financial Creditors) filed a Section 7 IBC…

- **Court:** NCLT
- **Order date:** 31 Jul 2026
- **Citation:** TCN-2026-NCLT-00830
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/india-housing-fund-anr-vs-gulam-mustafa-enterprises-private-limited-7piyt

## Summary

### Background

India Housing Fund and India Housing Fund Series 2 (Financial Creditors) filed a Section 7 IBC petition against Gulam Mustafa Enterprises Private Limited (Corporate Debtor) due to a default on Secured, Redeemable, Non-Convertible Debentures. The Corporate Debtor owed an aggregate amount of Rs. 627,61,98,448/- as of 28.02.2025, arising from a disbursed amount of Rs. 385,00,00,000/- for a real estate project. Default and Recall Notices were issued by the Debenture Trustee after the Corporate Debtor failed to meet its repayment obligations.

## Facts

The present Petition was filed on 18.03.2025 under Section 7 of the IBC, 2016 by India Housing Fund and India Housing Fund Series 2.

The Petitioners are Financial Creditors seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Gulam Mustafa Enterprises Private Limited (Corporate Debtor).

The financial debt arose from the Corporate Debtor's issuance of Secured, Redeemable, Non-Convertible Debentures, to which the Petitioners subscribed.

India Housing Fund holds Senior Debentures, and India Housing Fund Series 2 holds Series VI Debentures.

An aggregate amount of Rs. 627,61,98,448/- was due and payable by the Corporate Debtor as on 28.02.2025.

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## Issues and analysis

### Issue 1: Whether the present Petition is maintainable by the Debenture Holders (Petitioners) under Section 7 …

**Ratio:** Financial Creditors (Debenture Holders) have an independent statutory right to invoke

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**Reasoning:** The Petitioners are the actual subscribers of debentures and disbursed monies to the

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**Interpretation:** Section 7 of the IBC confers a statutory right on Financial Creditors. The role

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**Application:** The NCLT rejected the Respondent's objection regarding locus standi, holding

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** M/s. India…; India Housing…
- **Respondents:** Gulam Mustafa…; M/s. Mustafa…
- **Other parties:** Committee of…; India Housi…; +3 more
- **Advocates:** Pinaz M…; Deepthi…

## Timeline

- **2019-11-20 — Execution of A…**: Debenture Subscription Agreement and Debenture Trust Deed executed between Petitioners…
- **2020-05-28 — Execution of Amended…**: Supplemental Debenture Trust Deed and Amended…

## 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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