# In the matter of Archit Builders Private Limited CP (IB)-9(CHE)-2021

> NCLT judgment dated 13 Jul 2022. Citation: TCN-2022-NCLT-01734. The financial creditor, IDBI Bank Limited, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 13 Jul 2022
- **Citation:** TCN-2022-NCLT-01734
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/archit-builders-private-limited-cp-ib-9che-2021-298a5454

## Summary

### Background

The financial creditor, IDBI Bank Limited, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Archit Builders Private Limited due to an alleged default in repayment of financial debt.

## Facts

IDBI Bank Limited, the financial creditor, filed an application on December 22, 2020, under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, against Archit Builders Private Limited, the corporate debtor. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP), declare a moratorium, and appoint an Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the application filed by IDBI Bank Limited…

**Ratio:** An application under Section 7 of the IBC, 2016, is admissible if the financial debt and…

**Reasoning:** The Tribunal found that the financial creditor had provided sufficient evidence of…

**Interpretation:** The Tribunal interpreted Section 7 of the IBC, 2016, in light of Supreme Court…

**Application:** Given the corporate debtor's acknowledgment of debt in its financial statements…

## Parties

- **Judges:** (Retd.) S.…; SAMEER…
- **Advocates:** For Financial…; For Corporate…

## Timeline

- **July 3, 2009 — Sanction of Financial…**: Financial assistance of Rs. 380 lakhs…
- **March 31, 2017 — Revival Letter…**: Corporate Debtor executed a Revival Letter acknowledging the debt and subsistence of loan…

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