# In the matter of ASCOT PROJECTS PRIVATE LIMITED

> NCLT judgment dated 2025-02-18. Citation: TCN-2025-NCLT-00473. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 18 Feb 2025
- **Citation:** TCN-2025-NCLT-00473
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ascot-projects-private-limited-149405ce

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Intellicity Business Park Private Limited (Financial Creditor) against Ascot Projects Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a loan of Rs. 24,56,09,411. The Corporate Debtor is a wholly owned subsidiary of the Financial Creditor. The Financial Creditor had initiated CIRP against Intellicity Business Park Private Limited in 2019. The Corporate Debtor entered into a Lease Deed with Greater Noida Industrial Development Authority (GNIDA) and a Memorandum of Understanding (MoU) with the Financial Creditor. The Corporate Debtor approached the Financial Creditor for an unsecured loan

…

## Facts

Intellicity Business Park Private Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ascot Projects Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). The claim is based on a default in repayment of a loan amounting to Rs. 24,56,09,411. The Corporate Debtor is a wholly owned subsidiary of the Financial Creditor, holding 99.94% of its shares. The Corporate Debtor entered into a Lease Deed with Greater Noida Industrial Development Authority (GNIDA) for land admeasuring 1,00,000 sq. mtrs. and a Memorandum of Understanding (MoU) with the Financial Creditor. The Financial Creditor had initiated CIRP against Intellicity Business Park Private Limited in 2019.

…

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the IBC is maintainable …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

…

**Reasoning:** The Adjudicating Authority found that the Financial Creditor had established the

…

**Interpretation:** Section 7 of the IBC provides the framework for financial creditors to initiate

…

**Application:** The Adjudicating Authority applied Section 7 of the IBC to the facts of the

…

## Parties

- **Judges:** MAHENDRA KHANDELWA…; Sanjeev R…
- **Appellants:** Intellicity…
- **Respondents:** Ascot Projects…

## Timeline

- **2013-01-09 — Lease De…**: Corporate Debtor entered into a Lease Deed with Greater Noida Industrial Development…
- **2013-09-06 — Memorandum of…**: Corporate Debtor entered into a Memorandum of Understanding (MoU) with the Financial…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ascot-projects-private-limited-149405ce