# In the matter of Aadhar Infraholding Limited

> NCLT judgment dated 2024-06-14. Citation: TCN-2024-NCLT-01154. 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-01154
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aadhar-infraholding-limited-f6a32a5c

## 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, due to a default in repayment of debt amounting to 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 February 20, 2014. The corporate debtor defaulted on repayment, leading the financial creditor to issue a notice on May 11, 2023, requesting repayment, which went unanswered.

## Facts

Adamya Export and Import Pvt. Ltd. (Financial Creditor) extended four unsecured loans totaling Rs. 78,00,000 to Aadhar Infra Holding Ltd (Corporate Debtor) based on MoUs dated February 20, 2014. The Corporate Debtor was developing a project called 'The Business Capital' and sought financial assistance. The MoUs stipulated a lock-in period of 6 years with 12% interest per annum. The Financial Creditor waived interest for the period between 2020-2022 due to COVID-19. The Corporate Debtor failed to repay the outstanding amount of Rs. 1,90,90,811. The Financial Creditor issued a notice on May 11, 2023, requesting repayment, which was not answered. The Corporate Debtor admitted to the debt and default but cited financial constraints due to the pandemic and litigation. The

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** The Hon'ble Supreme Court in M. Suresh Kumar Reddy v. Canara Bank held that once NCLT is

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**Reasoning:** The NCLT observed that the application was complete in all respects, and the applicant

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**Interpretation:** Section 7 of the IBC outlines the procedure for initiating CIRP by a financial

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**Application:** The NCLT found that the Financial Creditor had provided sufficient evidence to

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## Parties

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

## Timeline

- **2014-02-20 — MoUs Exe…**: Four Memorandums of Understanding (MoUs) were executed between Adamya Export and Import…
- **2020-02-01 — Interest Waive…**: Financial Creditor waived interest for the period between February 2020 and February 2022…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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