# In the matter of Anand Divine Developers Private Limited C.P. No. IB-1101 (PB)-2020

> NCLT judgment dated 2022-03-25. Citation: TCN-2022-NCLT-03530. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 25 Mar 2022
- **Citation:** TCN-2022-NCLT-03530
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anand-divine-developers-private-limited-cp-no-ib-1101-pb-2020-8d81aa20

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by ICICI Prudential Venture Capital Fund Real Estate Scheme-I, the Financial Creditor, against M/s Anand Divine Developers Private Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor, acting through its investment manager ICICI Prudential Asset Management Company Limited, claims a default on the part of the Corporate Debtor in repaying debentures issued under an Investment Agreement. The application is based on the Corporate Debtor's failure to meet its payment obligations as per the Investment Agreement and subsequent amendment agreements.

## Facts

On 24.07.2014, ICICI Prudential Venture Capital Fund Real Estate Scheme-I (Financial Creditor), M/s Anand Divine Developers Private Limited (Corporate Debtor), ATS Infrastructure Limited (Promoter), and Mr. Getamber Anand (Promoter & Personal Guarantor) executed an Investment Agreement. The Financial Creditor subscribed to 75,00,000 unlisted, secured, cumulative, redeemable, and optionally convertible debentures issued by the Corporate Debtor, with a face value of INR 100 each, aggregating to INR 75,00,00,000. The debentures were secured by a mortgage over property at Village Dhanwapur, Sector-104, Gurgaon, Haryana, hypothecation of receivables, development rights, and a personal guarantee. The Corporate Debtor issued 15 debenture certificates to the Financial

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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 allows a financial creditor to

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**Reasoning:** The Adjudicating Authority relied on the judgment of the Hon'ble Supreme Court in

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**Interpretation:** Section 7 provides the mechanism for a financial creditor to initiate CIRP when

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**Application:** In this case, the Financial Creditor filed an application under Section 7,

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash Kumar…
- **Appellants:** ICICI Prudential…
- **Respondents:** M/s Anand Divine…

## Timeline

- **2014-07-24 — Investment Ag…**: Execution of Investment Agreement between Financial Creditor, Corporate Debtor, ATS…
- **2014-07-25 — Financial Creditor…**: Financial Creditor transferred INR…

## 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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