# In the matter of Aditya Estates Private Limited C.P. No. IB-974(PB)-2018

> NCLT judgment dated 2019-02-26. Citation: TCN-2019-NCLT-04674. ICICI Bank UK PLC, acting as the Financial Creditor, initiated a corporate insolvency…

- **Court:** NCLT
- **Order date:** 26 Feb 2019
- **Citation:** TCN-2019-NCLT-04674
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aditya-estates-private-limited-cp-no-ib-974pb-2018-663cd21f

## Summary

### Background

ICICI Bank UK PLC, acting as the Financial Creditor, initiated a corporate insolvency resolution process (CIRP) against Aditya Estates Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016. The application stems from a term loan of USD 63,000,000 granted to Assam Oil Company Limited (AOCL), a group company of the Corporate Debtor, under a facility agreement dated December 21, 2007. The Financial Creditor argues that the Corporate Debtor is liable for the debt due to a Debt Asset Swap Agreement (DASA) dated December 20, 2014, and an undertaking dated April 14, 2015, where the Corporate Debtor agreed to sell its property to repay the loan. The Corporate Debtor opposed the admission of the application, primarily arguing that

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## Facts

1. ICICI Bank UK PLC (Financial Creditor) granted a term loan of USD 63,000,000 to Assam Oil Company Limited (AOCL), a group company of Aditya Estates Private Limited (Corporate Debtor), under a facility agreement dated December 21, 2007.
2. A Debt Asset Swap Agreement (DASA) dated December 20, 2014, was executed between the Corporate Debtor, Duncan Macneill Power India Limited, ICICI Bank Limited, and ICICI Bank Limited, concerning the Corporate Debtor's immovable property.
3. An undertaking dated April 14, 2015, was executed between ICICI Bank UK PLC, ICICI Bank Limited, and other entities, including the Corporate Debtor, where the Corporate Debtor agreed to sell its property to repay the loan.
4. The Corporate Debtor's Articles of Association were amended in February

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## Issues and analysis

### Issue 1: Whether ICICI Bank UK PLC is a 'Financial Creditor' as defined under Section 5(7) of the Insolvency …

**Ratio:** Section 5(7) of the IBC defines a 'financial creditor' as a person to whom a financial

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**Reasoning:** The NCLT reasoned that the Corporate Debtor, through the DASA and the undertaking, had

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**Interpretation:** The interpretation of 'financial creditor' and 'financial debt' is broad enough

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**Application:** The NCLT applied this interpretation to the facts, noting that the Corporate

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## Parties

- **Judges:** M. M. K…; S.K. МОНА…
- **Appellants:** ICICI Bank…
- **Respondents:** Aditya Estates…

## Timeline

- **2007-12-21 — Facility Ag…**: ICICI Bank UK PLC granted a term loan of USD 63,000,000 to Assam Oil Company Limited…
- **2014-12-20 — Debt Asset Swap…**: DASA executed between Aditya Estates Private Limited, Duncan Macneill Power India…

## 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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