# In the matter of Indirapuram Habitat Centre Private Limited C.P. No. IB-1397(PB)-2019

> NCLT judgment dated 2019-08-22. Citation: TCN-2019-NCLT-01863. Diamond Traexim Private Limited, the financial creditor/petitioner, filed a petition under…

- **Court:** NCLT
- **Order date:** 22 Aug 2019
- **Citation:** TCN-2019-NCLT-01863
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/indirapuram-habitat-centre-private-limited-cp-no-ib-1397pb-2019-a4572e30

## Summary

### Background

Diamond Traexim Private Limited, the financial creditor/petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Indirapuram Habitat Centre Private Limited, the corporate debtor/respondent. The petition was filed due to a default in repayment of a loan amounting to INR 32,61,86,762/-, including principal and interest. The financial creditor claimed that the corporate debtor had defaulted on payments, and the cheques issued by the borrower, Victory Infraprojects Private Limited, were dishonoured. The corporate debtor was also a confirming party to the loan agreement. The Adjudicating Authority considered the submissions of both parties and examined the

…

## Facts

Diamond Traexim Private Limited (the 'Financial Creditor') extended a loan to Victory Infraprojects Private Limited, with Indirapuram Habitat Centre Private Limited (the 'Corporate Debtor') acting as a guarantor and confirming party. The total loan amount disbursed was INR 15,50,00,000/-. The Financial Creditor claimed a default of INR 32,61,86,762/-, including principal and interest, as of 04.02.2019. The loan was disbursed between 29.07.2011 and 04.11.2016. The Corporate Debtor acknowledged the receipt of the loan and confirmed it in their books of accounts. The Borrower, Victory Infraprojects Private Limited, issued undated cheques to the Financial Creditor, which were later dishonoured due to insufficient funds. The Financial Creditor served notices on 05.02.2019

…

## Issues and analysis

### Issue 1: Whether the requirements of Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating …

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

…

**Reasoning:** The Adjudicating Authority considered the submissions of the learned counsel for the

…

**Interpretation:** Section 7 of the IBC provides the mechanism for a financial creditor to trigger

…

**Application:** In this case, the Financial Creditor had disbursed a loan to the Corporate

…

## Parties

- **Judges:** M. M. K…; V.K. SUB…
- **Appellants:** Diamond Traexim…
- **Respondents:** Indirapuram…

## Timeline

- **2011-07-29 — Loan Disbursement Start…**: The petitioner extended the facility of…
- **2016-11-04 — Loan Disbursement End…**: The petitioner extended the facility of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 186 — Punishment for false information, concealment,…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-186)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/indirapuram-habitat-centre-private-limited-cp-no-ib-1397pb-2019-a4572e30