# In the matter of Aastha Buildhome Developers Pvt. Ltd. CP No. (IB)-297-7-JPR-2019

> NCLT judgment dated 2022-12-09. Citation: TCN-2022-NCLT-00196. The application was filed by Mrs. Saroj Gupta, a Financial Creditor, under Section 7 of the…

- **Court:** NCLT
- **Order date:** 9 Dec 2022
- **Citation:** TCN-2022-NCLT-00196
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aastha-buildhome-developers-pvt-ltd-cp-no-ib-297-7-jpr-2019-24865cc0

## Summary

### Background

The application was filed by Mrs. Saroj Gupta, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against M/s Aastha Buildhome Developers Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted in settling an amount of Rs. 30,40,047/- inclusive of interest as of 01.04.2019. The Corporate Debtor had approached the Financial Creditor for financial assistance of Rs. 15,75,000/- at 14% per annum interest, disbursed through State Bank of Bikaner and Jaipur (SBBJ) cheques. The Respondent remained irregular with its interest payment and depositing Tax Deducted at Source (TDS). The Corporate Debtor requested an extension of time

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## Facts

Mrs. Saroj Gupta, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Aastha Buildhome Developers Private Limited, the Corporate Debtor. The Financial Creditor claimed a default of Rs. 30,40,047/- inclusive of interest as of 01.04.2019. The Corporate Debtor had received financial assistance of Rs. 15,75,000/- at 14% per annum interest from the Financial Creditor, disbursed through State Bank of Bikaner and Jaipur (SBBJ) cheques. The Respondent was irregular in interest payments and TDS deposits. A legal notice was served on 12.05.2018, which was replied to by the Respondent acknowledging the outstanding dues. The Corporate Debtor requested an

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency

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**Reasoning:** The Adjudicating Authority observed that the application was filed in the prescribed Form

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**Interpretation:** Section 7 of the IBC provides the mechanism for a financial creditor to

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**Application:** In this case, the Adjudicating Authority determined that the application filed

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## Parties

- **Judges:** Deep Chandr…; Prasanta Kumar…
- **Appellants:** Saroj G…
- **Respondents:** Aastha Buildhome…

## Timeline

- **2008-11-26 — Incorporation of…**: The Respondent, Aastha Buildhome Developers Pvt. Ltd., was incorporated under the…
- **2014-02-08 — First Disbu…**: Rs. 5,00,000/- disbursed to the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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