# In the matter of Qutab Realcon Private Limited CP (IB)-161(PB)-2022

> Read the full IBC case summary for In the matter of Qutab Realcon Private Limited CP (IB)-161(PB)-2022. NCLT judgment dated 2022-05-05. Citation:…

- **Court:** NCLT
- **Order date:** 5 May 2022
- **Citation:** TCN-2022-NCLT-04839
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/qutab-realcon-private-limited-cp-ib-161pb-2022-353cec35

## Summary

### Background

The petitioner, a financial creditor, filed an application under Section 7 of the IBC, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against the corporate debtor due to a default in repayment of a loan amounting to Rs. 1,44,15,000.

## Facts

Shakuntlam Securities Private Limited, a Non-Banking Financial Company, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Qutab Realcon Private Limited. The application sought to declare a moratorium and appoint an Interim Resolution Professional (IRP) due to a default in repayment of Rs. 1,44,15,000.

…

## Issues and analysis

### Issue 1: Whether the application filed under Section 7…

**Ratio:** A promise made in writing and signed by the debtor to pay a debt barred by limitation law…

**Reasoning:** The Corporate Debtor signed a Memorandum of Settlement (MoS) on June 1, 2021, and had…

**Interpretation:** The court interpreted Section 25(3) of the Contract Act, 1872, to mean that a…

**Application:** The MoS dated June 1, 2021, and the letter dated December 6, 2018, were…

## Parties

- **Judges:** DHARMINDER…; AVINASH K.…
- **Advocates:** Iswar Mah…; Rishi Si…

## Timeline

- **November, 2015 — Loan Req…**: Directors of the Corporate Debtor approached…
- **November 5, 2015 — Loan Agre…**: An agreement was executed for a loan of…

---

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/qutab-realcon-private-limited-cp-ib-161pb-2022-353cec35