# In the matter of Sigma Leisure Private Limited CP (IB) -3161-I&BP-MB-2018

> NCLT judgment dated 2018-12-06. Citation: TCN-2018-NCLT-00165. Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 6 Dec 2018
- **Citation:** TCN-2018-NCLT-00165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sigma-leisure-private-limited-cp-ib-3161-ibp-mb-2018-b01dc018

## Summary

### Background

Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Sigma Leisure Private Limited, the Corporate Debtor. The basis for the petition was the Corporate Debtor's default on a loan agreement dated 28.09.2015, and an addendum agreement dated 30.09.2015, with Indiabulls. The loan, amounting to Rs. 48,00,00,000/-, carried an interest rate of 18.80% p.a. The Corporate Debtor allegedly defaulted on 23.07.2018, owing Rs. 78,45,64,987/- including interest. The Corporate Debtor raised objections, including the non-registration of the mortgage deed, alleged miscalculation of interest, and arguments related to the routing of funds through Shree

…

## Facts

Indiabulls Housing Finance Limited ('Petitioner') sanctioned a loan of Rs. 48,00,00,000/- to Sigma Leisure Private Limited ('Corporate Debtor') on 28.09.2015, with an interest rate of 18.80% p.a., repayable within 60 months. An addendum agreement was executed on 30.09.2015. The loan was secured by a mortgage deed and corporate guarantees from Mr. Vikas S. Kasliwal and Shree Ram Urban Infrastructure Limited. The Corporate Debtor defaulted on 23.07.2018, owing Rs. 78,45,64,987/- including interest. The loan account was declared a Non-Performing Asset (NPA) on 04.07.2016. A SARFAESI notice was issued on 23.07.2018, claiming Rs. 77,22,33,736/-. The Corporate Debtor argued that the mortgage deed was not registered, the interest calculation was incorrect, and the funds were

…

## Issues and analysis

### Issue 1: Whether the non-registration of the mortgage deed disentitles the Financial Creditor from seeking …

**Ratio:** Non-registration of a charge does not disentitle the Financial Creditor from seeking

…

**Reasoning:** The court relied on a previous decision of the NCLT, Hyderabad, in the case of Indiabulls

…

**Interpretation:** Section 77(1) of the Companies Act, 2013, places the duty on the company

…

**Application:** Even though the mortgage deed was not registered, the court found that there

…

## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Appellants:** Indiabulls…
- **Respondents:** Sigma Leisure…

## Timeline

- **2015-09-28 — Loan Agreeme…**: Loan Agreement dated 28.09.2015 sanctioned by Indiabulls to Sigma Leisure for Rs.…
- **2015-09-30 — Addendum Agree…**: Addendum Agreement dated…

## 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)

---

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/sigma-leisure-private-limited-cp-ib-3161-ibp-mb-2018-b01dc018