# In the matter of Aashita Builders Private Limited CP (I&B) 3244-NCLT-MB-2018

> NCLT judgment dated 27 Feb 2020. Citation: TCN-2020-NCLT-01771. Indiabulls Housing Finance Limited, the financial creditor, filed a Company Petition under…

- **Court:** NCLT
- **Order date:** 27 Feb 2020
- **Citation:** TCN-2020-NCLT-01771
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aashita-builders-private-limited-cp-ib-3244-nclt-mb-2018-b34bb8f8

## Summary

### Background

Indiabulls Housing Finance Limited, the financial creditor, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Aashita Builders Private Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The financial creditor claimed a default amount of Rs. 63,76,39,587, along with TDS of Rs. 1,34,49,890, as of August 24, 2018. The loan, amounting to Rs. 54,00,00,000, was advanced under a Loan Agreement dated September 28, 2015, and an Addendum dated September 30, 2015, with an interest rate of 18.10% per annum. The repayment schedule involved 60 equal monthly installments from October 5, 2015, to October 5, 2020.

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## Facts

Indiabulls Housing Finance Limited, the financial creditor, filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Aashita Builders Private Limited, the corporate debtor. The petition sought to initiate the Corporate Insolvency Resolution Process (CIRP) due to an alleged default. The total amount claimed in default as of August 24, 2018, was Rs. 63,76,39,587, in addition to TDS of Rs. 1,34,49,890.

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## Issues and analysis

### Issue 1: Whether the application filed by the financial creditor under Section 7 of the IBC, 2016, is…

**Ratio:** A petition under Section 7 of the IBC is admissible if a default has occurred, a debt is…

**Reasoning:** The NCLT reasoned that the application was complete as it satisfied all the requirements…

**Interpretation:** The court interpreted Section 7 of the IBC to mean that once the financial…

**Application:** In this case, the financial creditor provided the Loan Agreement, Addendum,…

## Parties

- **Judges:** V. P. S…; Ravikumar…
- **Advocates:** Gaurav…; Chirag K…; +3 more

## Timeline

- **September 28, 2015 — Loan Agre…**: Loan amounting to Rs. 54,00,00,000/- was advanced to the Corporate Debtor under the Loan…
- **September 30, 2015 — Addendum to Loan…**: Addendum to the Loan Agreement was executed, adding Mr. Vikas Kasliwal and M/s Shree Ram…

## 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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