# In the matter of Aadhar Infraholding Limited

> NCLT judgment dated 2024-06-14. Citation: TCN-2024-NCLT-01152. Adamya Export and Import Pvt. Ltd., the financial creditor, filed a petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 14 Jun 2024
- **Citation:** TCN-2024-NCLT-01152
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aadhar-infraholding-limited-a57f4ab0

## Summary

### Background

Adamya Export and Import Pvt. Ltd., the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Aadhar Infra Holding Ltd, the corporate debtor, for defaulting on a debt of Rs. 1,90,90,811. The financial creditor had extended four unsecured loans totaling Rs. 78,00,000 to the corporate debtor based on Memorandums of Understanding (MoUs) dated 20.02.2014. The corporate debtor acknowledged the debt but cited financial difficulties due to the Covid-19 pandemic and other challenges as reasons for the default. The financial creditor sent a notice on 11.05.2023 requesting repayment, but the corporate debtor failed to respond or make payment.

## Facts

Adamya Export and Import Pvt. Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aadhar Infra Holding Ltd (Corporate Debtor) for a default in repayment of debt. The Financial Creditor extended four unsecured loans totaling Rs. 78,00,000 to the Corporate Debtor based on four Memorandums of Understanding (MoUs) dated 20.02.2014. The Corporate Debtor was developing a project called "The Business Capital" and sought financial assistance from the Financial Creditor. The MoUs prescribed a lock-in period of 6 years with a 12% per annum compound interest rate. The Financial Creditor waived interest for the period between 2020-2022 due to the Covid-19 pandemic. The Corporate Debtor failed to repay the

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, is complete …

**Ratio:** The adjudicating authority has a limited role to determine whether the application is

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**Reasoning:** The NCLT relied on the Hon'ble NCLAT's decision in Noil Christuraj v. SBI, which

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**Interpretation:** The adjudicating authority must ensure that the application meets all the

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**Application:** In this case, the NCLT found that the application was complete as it contained

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** Adamya Export and…
- **Respondents:** Aadhar Infra…

## Timeline

- **2014-02-20 — Execution o…**: Four Memorandums of Understanding (MoUs) were executed between the Financial Creditor and…
- **2020-02-01 — Interest Waive…**: The Financial Creditor waived interest for the period between February 2020 and February…

## 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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