# In the matter of Aldiam Motors Private Limited

> NCLT judgment dated 2025-05-06. Citation: TCN-2025-NCLT-00119. IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 6 May 2025
- **Citation:** TCN-2025-NCLT-00119
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aldiam-motors-private-limited-67a374eb

## Summary

### Background

IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aldiam Motors Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to the corporate debtor's default in payment of outstanding dues amounting to Rs. 30,46,11,634.42, including interest. The financial creditor claimed that the corporate debtor had availed various term loan facilities and defaulted on repayments. The date of default was stated as 08.01.2020. The financial creditor had previously initiated recovery proceedings and issued recall and demand notices under the SARFAESI Act, but the corporate debtor failed to repay the dues. The corporate debtor also submitted OTS proposals, which were rejected by

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## Facts

IDBI Bank Limited, the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aldiam Motors Private Limited, the corporate debtor. The petition was filed on 28.12.2024. The corporate debtor defaulted on payment of outstanding dues amounting to Rs. 30,46,11,634.42, including interest. The date of default was 08.01.2020. The financial creditor had extended four credit facilities in the form of term loans to the corporate debtor from 29.03.2014 to 27.07.2017, amounting to Rs. 24,45,00,000/-, secured by mortgage of immovable properties. The loan accounts were classified as Non-Performing Assets (NPA) on 08.01.2020. The financial creditor issued a recall notice on 01.02.2020 and a SARFAESI notice on 18.02.2020. The

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## Issues and analysis

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

**Ratio:** Section 7(5) of the IBC stipulates that the Adjudicating Authority may admit the

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**Reasoning:** The Tribunal examined the documents and evidence submitted by the Financial Creditor and

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

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**Application:** The Financial Creditor submitted all necessary documents, including loan

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** IDBI Bank L…
- **Respondents:** Aldiam Motors…
- **Advocates:** Ravi P…

## Timeline

- **2014-03-29 — Term Loan Facility…**: First term loan facility…
- **2017-07-27 — Term Loan Facility…**: Last term loan facility…

## 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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