# In the matter of Anudan Properties Private Limited CP (IB) No.1147-MB-IV-2020

> NCLT judgment dated 2021-03-15. Citation: TCN-2021-NCLT-02710. This case involves an application filed by Lichfl Trustee Company Private Limited, the…

- **Court:** NCLT
- **Order date:** 15 Mar 2021
- **Citation:** TCN-2021-NCLT-02710
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/anudan-properties-private-limited-cp-ib-no1147-mb-iv-2020-a1aa2a70

## Summary

### Background

This case involves an application filed by Lichfl Trustee Company Private Limited, the Financial Creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016 (I&B Code), against Anudan Properties Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total default of Rs.144,79,36,325/-, including principal and interest, arising from a Share Subscription cum Debenture Subscription and Shareholders Agreement dated 13.10.2016. The Corporate Debtor argued against the application, citing efforts to provide an exit to the Financial Creditor and the impact of economic conditions and regulatory changes on its business. The Financial Creditor contended that the Corporate Debtor

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## Facts

Lichfl Trustee Company Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Anudan Properties Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The claim was based on a default of Rs. 144,79,36,325/-, including principal and interest. A Share Subscription cum Debenture Subscription and Shareholders Agreement dated 13.10.2016 was executed between the Financial Creditor, Corporate Debtor, and other investors, where the Financial Creditor invested Rs. 79,90,00,000/- by subscribing to Equity Shares and Series A Optionally Fully Convertible Debentures. The Corporate Debtor represented that it owned land in Thane and was developing a residential project

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the I&B Code, 2016 …

**Ratio:** Section 7 of the I&B Code, 2016 allows a financial creditor to initiate CIRP against

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**Reasoning:** The court observed that the Corporate Debtor had unequivocally admitted its liability and

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**Interpretation:** Section 7 of the I&B Code provides a mechanism for financial creditors to

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**Application:** The court found that the application filed by the Financial Creditor was

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## Parties

- **Judges:** RAJESH S…; SUCHITRAKAN…
- **Appellants:** LICHFL TRUSTEE…
- **Respondents:** Anudan Properties…

## Timeline

- **2016-10-13 — Share Subscription cum Debenture Subscription…**: Agreement executed between the Financial Creditor, Corporate Debtor, and other investors,…
- **2019-03-31 — Date of D…**: The Corporate Debtor failed to make payment of the Participation Redemption Amount as…

## 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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