# In the matter of Aaditri Construction Private Limited C.P. No. 198-IBC-MB-2022

> NCLT judgment dated 2023-03-28. Citation: TCN-2023-NCLT-04023. Vistra ITCL (India) Limited, the Financial Creditor, filed a company petition seeking to…

- **Court:** NCLT
- **Order date:** 28 Mar 2023
- **Citation:** TCN-2023-NCLT-04023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aaditri-construction-private-limited-cp-no-198-ibc-mb-2022-5ba578c4

## Summary

### Background

Vistra ITCL (India) Limited, the Financial Creditor, filed a company petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Aaditri Construction Private Limited, the Corporate Debtor, alleging default in payment. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Corporate Debtor allegedly failed to pay Rs. 864,38,82,771/-. The Corporate Debtor opposed the admission, claiming the Financial Creditor did not disburse the entire debenture subscription amount as per the Debenture Trust Deed, causing breach and default.

## Facts

Vistra ITCL (India) Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aaditri Construction Private Limited (Corporate Debtor). The Financial Creditor claimed that the Corporate Debtor defaulted on a payment of Rs. 864,38,82,771/-. A Debenture Trust Deed was executed between the parties, where the Corporate Debtor agreed to issue 3,95,00,000 secured optionally convertible debentures with a face value of Rs. 100 each, aggregating to Rs. 395,00,00,000/-. Out of this, Rs. 340,00,00,000/- was disbursed. The Corporate Debtor failed to fulfill the conditions of the Debenture Trust Deed and breached various undertakings. The Financial Creditor issued an EOD Notice calling upon the Corporate

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in …

**Ratio:** The obligation of the corporate debtor is unconditional and does not depend upon infusing

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**Reasoning:** The NCLT relied on the judgment of the Hon'ble Supreme Court in Innoventive Industries

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**Interpretation:** This principle means that a corporate debtor cannot avoid its payment

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**Application:** In this case, the Corporate Debtor argued that the Financial Creditor did not

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## Parties

- **Judges:** H.V. Subb…; Madhu S…
- **Appellants:** Vistra ITCL…
- **Respondents:** Aaditri Constructi…

## Timeline

- **2016-01-01 — Enactment of Insolvency…**: The Insolvency and Bankruptcy Code, 2016, came into effect, providing a framework for…
- **2018-08-03 — Execution of Debenture…**: Vistra ITCL (India) Limited and Aaditri Constructions Private Limited executed a…

## 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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