# In the matter of Soni Realtors Pvt. Ltd. (IB)-609-(ND)-2017

> NCLT judgment dated 2018-02-27. Citation: TCN-2018-NCLT-01772. SE Investments Ltd., a Financial Creditor and a non-banking Financial Company, filed a petition…

- **Court:** NCLT
- **Order date:** 27 Feb 2018
- **Citation:** TCN-2018-NCLT-01772
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/soni-realtors-pvt-ltd-ib-609-nd-2017-2d6af9a0

## Summary

### Background

SE Investments Ltd., a Financial Creditor and a non-banking Financial Company, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Soni Realtors Pvt. Ltd., the Respondent Corporate Debtor. The Corporate Debtor availed a loan of Rs. 5 crores in December 2013 and another loan of Rs. 1.8 crores in January 2015 from the Financial Creditor. The loans were to be repaid with interest at 10.75% p.a. in equated monthly installments. The Corporate Debtor defaulted on the repayment schedule, leading to the Financial Creditor recalling the loan via notices in August 2015 and February 2016.

## Facts

SE Investments Ltd. (Petitioner), a non-banking Financial Company, is the Financial Creditor. Soni Realtors Pvt. Ltd. (Respondent) is the Corporate Debtor. The Corporate Debtor availed a loan of Rs. 5 crores from the Financial Creditor on 2013-12-12 and another loan of Rs. 1.8 crores in January 2015. The loans were to be repaid with interest at 10.75% p.a. in equated monthly installments. The Corporate Debtor defaulted on the repayment schedule. The Financial Creditor recalled the loan via notices dated 2015-08-28 and 2016-02-09. The Corporate Debtor failed to contest the proceedings. The total outstanding amount is Rs. 5,10,64,714/-. The Financial Creditor filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on its repayment obligations to the Financial Creditor, …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The Corporate Debtor availed loans from the Financial Creditor and subsequently defaulted

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**Interpretation:** Section 7 provides a mechanism for financial creditors to recover their dues

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**Application:** In this case, the Corporate Debtor's failure to repay the loans, coupled with

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## Parties

- **Judges:** Ina Mal…; Deepa Kr…; +1 more
- **Appellants:** SE Investments…
- **Respondents:** Soni Realtors…
- **Advocates:** P. Na…

## Timeline

- **2013-12-12 — Loan Disbur…**: The Corporate Debtor availed a loan of Rs. 5 crores from the Financial Creditor,…
- **2015-01-01 — Second L…**: The Corporate Debtor availed another loan of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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