# In the matter of Anjaney Developers Private Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-00348. Standard Capital Markets Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-00348
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anjaney-developers-private-limited-ab69c814

## Summary

### Background

Standard Capital Markets Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Anjaney Developers Private Ltd., the Corporate Debtor. The petition stems from a financial debt arising from a loan facility initially availed by Veer Chemicals Pvt. Ltd. from Sammaan Capital Ltd. (SCL), later assigned to Standard Capital Markets Ltd. Anjaney Developers acted as a guarantor for the loan. The Corporate Debtor defaulted on its payment obligations, leading to the filing of this petition.

## Facts

Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL) for construction activities. SCL issued a sanction letter, and a loan agreement for Rs. 150,00,00,000/- was executed on 2018-10-30. SCL disbursed the amount to Veer on 2018-11-02. Anjaney Developers Private Ltd. (Corporate Debtor) and its sister concerns executed a Memorandum of Entry on 2020-11-28, creating a first-ranking mortgage in favor of SCL. An Addendum Agreement was executed on 2020-10-01, extending the loan term to 2025-10-05. SCL executed a Deed of Assignment on 2024-10-01 in favor of Standard Capital Markets Ltd. (Financial Creditor). The Financial Creditor served a letter on 2024-10-01, calling for a Deed of Guarantee, which was executed on 2024-10-03, with the Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** Section 3(12) of the IBC defines 'default' as non-payment of debt when whole or any part

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**Reasoning:** The NCLT considered the evidence presented by the Financial Creditor, including the loan

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**Interpretation:** The interpretation of 'default' under Section 3(12) of the IBC is that any

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**Application:** The Corporate Debtor's failure to pay the EMI on 2024-10-05, as per the loan

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## Parties

- **Judges:** Sh. Ashok Kumar…; Charanjeet Singh…
- **Appellants:** Standard Capital…
- **Respondents:** Anjaney Developers…
- **Advocates:** Manayar Ch…; Adithya Dev…; +2 more

## Timeline

- **2018-10-30 — Loan Agre…**: SCL and Veer executed a Loan…
- **2018-11-02 — Loan Disbur…**: SCL disbursed Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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