# In the matter of Abloom Infotech Pvt. Ltd. I.A. 2435-2021 in Company Petition No. (IB) – 2115-(ND)-2019

> NCLT judgment dated 2023-02-14. Citation: TCN-2023-NCLT-04602. This case involves an application (I.A. 2435/2021) filed by M/S Chandgi Ram Real Estate…

- **Court:** NCLT
- **Order date:** 14 Feb 2023
- **Citation:** TCN-2023-NCLT-04602
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/abloom-infotech-pvt-ltd-ia-2435-2021-in-company-petition-no-ib-2115-nd-2019-9025f6fa

## Summary

### Background

This case involves an application (I.A. 2435/2021) filed by M/S Chandgi Ram Real Estate Consultants Pvt. Ltd. (Applicant/Financial Creditor) in a corporate insolvency resolution process (CIRP) against M/S Abloom Infotech Pvt. Ltd. (Corporate Debtor). The applicant sought the acceptance of its claim of Rs. 16,13,96,119/- as a financial debt. The Resolution Professional (RP) had rejected the applicant's claim, classifying it as 'Other Creditors' and admitting only Rs. 5,66,00,000/-. The applicant contested this classification, asserting its status as a financial creditor based on a Term Sheet and Memorandum of Understanding (MoU) with the Corporate Debtor and its shareholders. DMI Finance Private Limited, another financial creditor, was later impleaded as a respondent

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## Facts

1. M/S Chandgi Ram Real Estate Consultants Pvt. Ltd. (Applicant) filed a claim of Rs. 16,13,96,119/- in the CIRP of M/S Abloom Infotech Pvt. Ltd. (Corporate Debtor), asserting its status as a financial creditor.
2. The Resolution Professional (RP) rejected the claim, classifying it as 'Other Creditors' and admitting only Rs. 5,66,00,000/-
3. The Applicant's claim is based on a Term Sheet and Memorandum of Understanding (MoU) with the Corporate Debtor and its shareholders.
4. The Term Sheet, dated 11.02.2019, recorded the terms and understandings between the Applicant and the Corporate Debtor.
5. The MoU, also dated 11.02.2019, involved the shareholders of the Corporate Debtor guaranteeing the covenants on behalf of the Corporate Debtor in favor of the Applicant.
6. An

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## Issues and analysis

### Issue 1: Whether the claim of M/S Chandgi Ram Real Estate Consultants Pvt. Ltd. qualifies as a 'financial …

**Ratio:** Section 5(8) of the IBC defines 'financial debt' as a debt along with interest, if any,

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**Reasoning:** The NCLT reasoned that the amount disbursed by the applicant was a refundable,

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**Interpretation:** The interpretation of 'financial debt' under Section 5(8) requires a

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**Application:** In this case, the NCLT found that the amount disbursed by the applicant was a

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## Parties

- **Judges:** RAHUL BHA…; BACHU VENKAT…
- **Appellants:** M/s. Chandgi Ram…
- **Respondents:** M/S Abloom…; IRP MR. PARVEEN…

## Timeline

- **2019-02-11 — Term Sheet…**: Term Sheet and Memorandum of Understanding (MoU) signed between CRC and Shareholders of…
- **2019-04-15 — Addendum to Term Sheet…**: Addendum to Term Sheet & MoU signed between…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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