# In the matter of Samyak Projects Private Limited (IB) 784 (ND)-2020

> NCLT judgment dated 2020-10-20. Citation: TCN-2020-NCLT-00362. The case involves an application filed under Section 7 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 20 Oct 2020
- **Citation:** TCN-2020-NCLT-00362
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/samyak-projects-private-limited-ib-784-nd-2020-22037887

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking the initiation of the Corporate Insolvency Resolution Process (CIRP) against the Respondent/Corporate Debtor, M/S Samyak Projects Private Limited, due to its inability to liquidate its financial debt. The Financial Creditor, Ms. Nidhi Rekhan, claims that the Corporate Debtor failed to pay assured returns on an investment of Rs. 1,00,00,000/- made by the Financial Creditor, for which flats were allotted in a project named "Ansal Heights 86". The Corporate Debtor later agreed to take back the rights over the flats and return the invested amount, issuing refund cheques that were subsequently dishonored.

## Facts

Ms. Nidhi Rekhan, the Financial Creditor, invested Rs. 1,00,00,000/- in M/S Samyak Projects Private Limited, the Corporate Debtor, for which she was allotted flats in the 'Ansal Heights 86' project. The Corporate Debtor assured a 24% per annum return on the investment. The Corporate Debtor failed to pay the assured returns from 20.07.2016. Subsequently, the Corporate Debtor agreed to take back the rights over the flats and return the invested amount, issuing refund cheques dated 20.07.2019 for Rs. 1,00,00,000/-. These cheques, along with other cheques issued for assured returns, were dishonored. The Financial Creditor claims a total amount of Rs. 2,19,56,000/-, including the refund amount, interest, and assured returns. The Financial Creditor is no longer a unit buyer

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## Issues and analysis

### Issue 1: Whether the amount claimed by the petitioner falls under the definition of 'financial debt' as per …

**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 since the applicant admitted to no longer being an allottee due

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**Interpretation:** The court interpreted Section 5(8) of the IBC to mean that the amount must be

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**Application:** The court applied this reasoning to the facts of the case, noting that the

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; K.K. V…
- **Appellants:** Nidhi R…
- **Respondents:** M/S SAMYAK…

## Timeline

- **2016-07-20 — Agreement Ex…**: An agreement was executed between the…
- **2016-07-20 — Assured Returns Start…**: Corporate Debtor was liable to pay assured…

## 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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