# In the matter of Bhuvana Infra Projects Private Limited CP (IB) No. 122-BB-17

> NCLT judgment dated 2018-01-17. Citation: TCN-2018-NCLT-01921. New Age Real Properties LLP filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 17 Jan 2018
- **Citation:** TCN-2018-NCLT-01921
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhuvana-infra-projects-private-limited-cp-ib-no-122-bb-17-c2dff17d

## Summary

### Background

New Age Real Properties LLP filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against the Corporate Debtor, Bhuvana Infra Projects Private Limited. The Financial Creditor claimed to have disbursed a corporate loan facility of Rs 80,00,000 to the Corporate Debtor. The Corporate Debtor admitted to availing the loan but defaulted on repayment, leading to the application for initiating the insolvency process.

## Facts

New Age Real Properties LLP (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhuvana Infra Projects Private Limited (Corporate Debtor) for defaulting on a loan. The Financial Creditor claimed to have disbursed Rs 80,00,000 to the Corporate Debtor through RTGS transfers from its Karnataka Bank account between December 2013 and May 2014. The Corporate Debtor admitted to availing the loan but claimed to have repaid Rs 15,00,000, requesting an extension of time for the remaining amount. The Financial Creditor agreed to a one-year extension, but the Corporate Debtor continued to default. The Corporate Debtor also defaulted on a loan from Bank of Maharashtra, which initiated action against them. The total amount

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has complied with the requirements of Section 7 of the Insolvency …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court found that the Financial Creditor had provided sufficient evidence, including

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**Interpretation:** Section 7 requires the financial creditor to prove the existence of a debt and

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**Application:** The Financial Creditor provided the Demand Promissory Note, bank statements

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## Parties

- **Judges:** Ratakonda…; Ashok Kumar…; +1 more
- **Appellants:** M/s New Age Real…
- **Respondents:** Bhuvana Infra…; M/s.Bhuvana Infra…

## Timeline

- **2013-04-16 — Incorporation of…**: New Age Real Properties…
- **2011-02-27 — Incorporation of…**: Bhuvana Infra Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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