# In the matter of Kamla Landmarc Properties Private Limited CP (IB) -4150-I&BP-MB-2018

> NCLT judgment dated 2019-04-15. Citation: TCN-2019-NCLT-03900. Anupam Corporation, a partnership firm, filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 15 Apr 2019
- **Citation:** TCN-2019-NCLT-03900
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kamla-landmarc-properties-private-limited-cp-ib-4150-ibp-mb-2018-0d2792b1

## Summary

### Background

Anupam Corporation, a partnership firm, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking the Corporate Insolvency Resolution Process (CIRP) against Kamla Landmarc Properties Private Limited, the Corporate Debtor. The basis for the petition was the Corporate Debtor's default on 07.08.2017, amounting to Rs. 3,60,00,000/-. The Petitioner and the Corporate Debtor had entered into an agreement on 31.04.2014, where the Corporate Debtor agreed to transfer/sell office premises to the Petitioner for a consideration of Rs. 3,60,00,000/-, which was fully paid. The Corporate Debtor handed over possession, and the Petitioner commenced business activities. However, State Bank of India took possession of the office premises on 07.08.2017, under

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## Facts

Anupam Corporation (Petitioner) and Kamla Landmarc Properties Private Limited (Corporate Debtor) entered into an agreement on 2014-04-31, where the Corporate Debtor agreed to transfer/sell office premises to the Petitioner for Rs. 3,60,00,000/-. The Petitioner paid the entire consideration, and the Corporate Debtor handed over possession. The Petitioner renovated the premises and commenced business activities. State Bank of India (SBI) issued a possession notice on 2015-11-04 under the SARFAESI Act concerning the property. On 2017-08-07, SBI took possession of the office premises. The Corporate Debtor defaulted on 2017-08-07, to the extent of Rs. 3,60,00,000/-. The copy of the petition sent to the Corporate Debtor was returned undelivered. The Petitioner then published

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## Issues and analysis

### Issue 1: Whether the transaction between the Petitioner and the Corporate Debtor constitutes a 'financial …

**Ratio:** Section 5(8) of the IBC defines 'financial debt' as a debt along with interest, if any,

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**Reasoning:** The court reasoned that the Petitioner paid the entire sale consideration to the

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**Interpretation:** The court interpreted Section 5(8) of the IBC broadly to include transactions

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**Application:** The court applied the definition of 'financial debt' to the facts of the case,

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Anupam Corp…
- **Respondents:** Kamla Landmarc…

## Timeline

- **2014-04-31 — Agreement between Petitioner and Corporate…**: The Petitioner and the Corporate Debtor entered into an agreement wherein the Corporate…
- **2015-11-04 — Possession Noti…**: State Bank of India issued a possession notice under the SARFAESI Act in respect of the…

## 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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