# In the matter of Tirupur Plaza Hotel Private Limited CP (IB)-107-2021

> Read the full IBC case summary for In the matter of Tirupur Plaza Hotel Private Limited CP (IB)-107-2021. NCLT judgment dated 2022-04-25. Citation:…

- **Court:** NCLT
- **Order date:** 25 Apr 2022
- **Citation:** TCN-2022-NCLT-04918
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tirupur-plaza-hotel-private-limited-cp-ib-107-2021-5d861204

## Summary

### Background

The financial creditor filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process against the corporate debtor due to a default in financial debt repayment.

## Facts

Small Industries Development Bank of India (Financial Creditor) filed an application on July 6, 2021, 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, against Tirupur Plaza Hotel Private Limited (Corporate Debtor). The application sought to initiate the Corporate Insolvency Resolution Process (CIRP), declare a moratorium, and appoint an Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether there is a financial debt and…

**Ratio:** The existence of a financial debt and default was proven beyond reasonable doubt by the…

**Reasoning:** The Tribunal found that the Financial Creditor provided sufficient documentary evidence,…

**Interpretation:** The court interpreted the Corporate Debtor's offer of a One Time Settlement as…

**Application:** Based on the evidence and admissions, the Tribunal concluded that the…

## Parties

- **Judges:** R. Sucha…; SAMEER…
- **Advocates:** For Financial…; For Corporate…

## Timeline

- **September 11, 2015 — Loan Agreeme…**: Loan agreement for Term Loan and working capital limit was executed between SIDBI and…
- **September 23, 2015 — Loan Disbursem…**: Disbursement of loans to the…

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