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

> NCLT judgment dated 2018-02-27. Citation: TCN-2018-NCLT-01769. 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-01769
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/soni-realtors-pvt-ltd-ib-609-nd-2017-a86ae73d

## 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 had availed a loan of Rs. 5 crores from the Financial Creditor, disbursed on 2013-12-12, and another loan of Rs. 1.8 crores in January 2015. The Corporate Debtor executed and delivered various documents to avail the loan facility, including a Board Resolution, Loan Application, Hypothecation/Loan Agreement, and Guarantee Agreement. The Corporate Debtor also furnished certain collateral security. The loans were to be repaid with interest at 10.75% p.a. in

…

## Facts

SE Investments Ltd., a non-banking financial company, is the Financial Creditor. Soni Realtors Pvt. Ltd. is the Corporate Debtor. The Corporate Debtor availed a loan of Rs. 5 crores on 2013-12-12 and another loan of Rs. 1.8 crores in January 2015 from the Financial Creditor. The Corporate Debtor executed a Board Resolution dated 2013-12-05, a Loan Application dated 2013-09-21, a Hypothecation/Loan Agreement dated 2013-12-06, and a Guarantee Agreement dated 2013-12-06. 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 did not take steps to liquidate the outstanding

…

## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 7 of the Insolvency and …

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

…

**Reasoning:** The court considered the documents and averments presented by the Financial Creditor,

…

**Interpretation:** Section 7 provides a mechanism for Financial Creditors to recover their dues

…

**Application:** The Financial Creditor, SE Investments Ltd., filed the petition under Section

…

## Parties

- **Judges:** Ina Mal…; DeepaKr…
- **Appellants:** SE Investments…
- **Respondents:** Soni Realtors…

## Timeline

- **2013-12-12 — Loan Disbur…**: The Corporate Debtor availed a loan of Rs. 5 crores from the Financial Creditor which was…
- **2015-01-01 — Loan Disbur…**: Another loan of Rs. 1.8 crores was also availed by them in January, 2015 to meet the…

## 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/soni-realtors-pvt-ltd-ib-609-nd-2017-a86ae73d