# In the matter of Focus Realcon Private Limited (IB)-461(ND)-2022

> NCLT judgment dated 14 Sept 2022. Citation: TCN-2022-NCLT-01068. The Financial Creditor filed an application under Section 7 of the IBC, 2016, to initiate…

- **Court:** NCLT
- **Order date:** 14 Sept 2022
- **Citation:** TCN-2022-NCLT-01068
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/focus-realcon-private-limited-ib-461nd-2022-19c75076

## Summary

### Background

The Financial Creditor filed an application under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor due to default in repayment of debentures and accrued interest.

## Facts

M/s. Aadi Buildwell Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) against M/s. Focus Realcon Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process. The application was filed through its Authorised Representative, Mr. Ramnath. The Corporate Debtor was incorporated on October 29, 2010, under the Companies Act, 1956, and its registered office falls within the Tribunal's jurisdiction.

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## Issues and analysis

### Issue 1: Whether the debentures issued by the Corporate Debtor fall within the definition of 'Financial…

**Ratio:** Debentures issued by a corporate debtor, as evidenced by a special resolution and…

**Reasoning:** The NCLT referred to Section 5(8)(c) of the IBC, 2016, which explicitly includes 'any…

**Interpretation:** The court interpreted Section 5(8)(c) broadly to include debentures as a form…

**Application:** The debentures issued by Focus Realcon Private Limited to Aadi Buildwell…

## Parties

- **Judges:** DHARMINDER…; L. N. G…
- **Advocates:** Abhishek…; Rishabh Sa…; +2 more

## Timeline

- **October 29, 2010 — Incorporation of…**: Focus Realcon Private Limited was…
- **March 31, 2011 — Debenture Al…**: 7,40,000 Debentures were issued and…

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