# In the matter of Blue Coast Infrastructure Development Private Limited CP (IB) No. 197-Chd-HP-2018

> NCLT judgment dated 2018-11-13. Citation: TCN-2018-NCLT-00353. The case pertains to an application filed by Eternity Investment Services Private Limited, a…

- **Court:** NCLT
- **Order date:** 13 Nov 2018
- **Citation:** TCN-2018-NCLT-00353
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/blue-coast-infrastructure-development-private-limited-cp-ib-no-197-chd-hp-2018-44d7577a

## Summary

### Background

The case pertains to an application filed by Eternity Investment Services Private Limited, a financial creditor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the insolvency resolution process against Blue Coast Infrastructure Development Private Limited, the respondent-corporate debtor. The petitioner, Eternity Investment Services, sought to recover outstanding dues related to a lease agreement for a unit in a commercial property. The respondent-corporate debtor was incorporated on 28.06.1994 with a registered office in Parwanoo, Himachal Pradesh. The petitioner had previously filed a similar petition, which was withdrawn with the liberty to file a fresh petition. The Chandigarh Administration had granted leasehold rights to Joy Hotel

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## Facts

Eternity Investment Services Private Limited (the petitioner) filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Blue Coast Infrastructure Development Private Limited (the respondent-corporate debtor). The petitioner claimed to be a financial creditor. The respondent-corporate debtor was incorporated on 28.06.1994. The Chandigarh Administration granted leasehold rights to Joy Hotel & Resorts Private Limited, who then entered into a tripartite agreement with the respondent-corporate debtor and the petitioner on 22.06.2010. Under this agreement, the petitioner was to be allotted Unit No.15 in a commercial property. The petitioner paid installments towards the unit,

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## Issues and analysis

### Issue 1: Whether the petitioner, Eternity Investment Services Private Limited, qualifies as a 'financial …

**Ratio:** The definition of 'financial debt' under Section 5(8) of the Insolvency & Bankruptcy

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**Reasoning:** The court reasoned that the petitioner, having invested in a commercial property unit

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**Interpretation:** The interpretation of 'financial debt' is broad enough to include investments

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**Application:** In this case, Eternity Investment Services Private Limited invested in a

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Eternity Investmen…
- **Respondents:** Blue Coast…

## Timeline

- **1994-06-28 — Incorporation of…**: Blue Coast Infrastructure Development…
- **2005-03-15 — Company Incor…**: Petitioner company was…

## 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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