# In the matter of POSITIVE HOUSINGS PRIVATE LIMITED

> NCLT judgment dated 2026-03-10. Citation: TCN-2026-NCLT-00219. Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 10 Mar 2026
- **Citation:** TCN-2026-NCLT-00219
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/positive-housings-private-limited-6ca02fc0

## Summary

### Background

Indiabulls Housing Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Positive Housing Private Limited, claiming a default on a financial debt.

## Facts

Indiabulls Housing Finance Limited filed a petition under Section 7 of the IBC to initiate CIRP against Positive Housing Private Limited.

The total outstanding debt claimed by Indiabulls is Rs. 77,94,34,430 as of 11.12.2023.

The date of default is 14.11.2023.

Positive Housing Private Limited argued that the loan agreements were merely paper documents and that the funds were used to repay loans to other Indiabulls Group companies.

Positive Housing Private Limited alleged evergreening of loans and money laundering.

The Tribunal observed that the petition was filed within the period of limitation.

The Tribunal noted that Positive Housing Private Limited admitted to availing and utilizing the loan amount.

…

## Issues and analysis

### Issue 1: Whether the petition under Section 7 of the IBC is maintainable given the allegations of …

**Ratio:** The proceedings under the Code are limited to determining the existence of a financial

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**Reasoning:** The Tribunal relied on the principle that the mere allegation of evergreening or money

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**Interpretation:** The Adjudicating Authority is only required to ascertain the existence of a

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**Application:** The Tribunal found that the existence of a financial debt and default were

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** Indiabulls…; Asset Reconstructi…
- **Respondents:** Positive Housing…
- **Other parties:** Amit Ag…
- **Advocates:** Prashant…; Angad V…; +3 more

## Timeline

- **2019-03-29 — Loan Agreeme…**: Loan Agreement between Indiabulls Housing Finance Limited and Positive Housing Private…
- **2023-11-14 — Date of D…**: The date of default on…

## 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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