# In the matter of Limelight Realtors Private Limited

> Read the full IBC case summary for In the matter of Limelight Realtors Private Limited. NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-01050.

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-01050
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/limelight-realtors-private-limited-aae78308

## Summary

### Background

The financial creditor filed a petition under Section 7 of the IBC, 2016, seeking to initiate a Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to an alleged default in loan repayment.

## Facts

Veer Chemicals Pvt. Ltd. (Veer/Principal Borrower) obtained loan facilities from Sammaan Capital Ltd. (SCL) for construction and residential projects. SCL issued a sanction letter and subsequently entered into a Loan Agreement with Veer for Rs. 150,00,00,000/- on October 30, 2018. The loan amount was disbursed on November 2, 2018.

…

## Issues and analysis

### Issue 1: Whether the corporate debtor committed a…

**Ratio:** A default occurs when any part or installment of a debt, which has become due and…

**Reasoning:** The respondent did not dispute the existence of default but contended that the default…

**Interpretation:** The court interpreted **Section 3(12) of the IBC** broadly to include…

**Application:** Given the admitted non-payment of the EMI due on October 5, 2024, the NCLT…

## Parties

- **Judges:** Sh. Ashok Kumar…; SH. CHARANJEET…
- **Advocates:** For the Applicant:…; For the Respondent…

## Timeline

- **October 30, 2018 — Loan Agreement…**: SCL and Veer Chemicals Pvt. Ltd. entered into…
- **November 2, 2018 — Loan disb…**: SCL disbursed Rs.…

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