# In the matter of ASF Buildtech Private Limited

> NCLT judgment dated 2025-04-03. Citation: TCN-2025-NCLT-00271. The case involves a petition filed by Catalyst Trusteeship Limited, acting as the financial…

- **Court:** NCLT
- **Order date:** 3 Apr 2025
- **Citation:** TCN-2025-NCLT-00271
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/asf-buildtech-private-limited-f57342c5

## Summary

### Background

The case involves a petition filed by Catalyst Trusteeship Limited, acting as the financial creditor, against ASF Buildtech Private Limited, the corporate debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process (CIRP). ASF Buildtech had approached Indiabulls Housing Finance Limited (now Sammaan Capital Limited) for loan facilities for residential projects, resulting in five loan agreements. Catalyst Trusteeship Limited, acting as a trustee for various investment trusts, acquired the receivables from Indiabulls via an assignment agreement. ASF Buildtech defaulted on payments, leading Catalyst to issue loan recall notices. An earlier CIRP application was disposed of due to settlement talks,

…

## Facts

ASF Buildtech Private Limited (Corporate Debtor/CD) approached Indiabulls Housing Finance Limited (IHFL, now Sammaan Capital Limited) for loan facilities to develop residential projects. Five loan agreements were signed. Catalyst Trusteeship Limited (Financial Creditor/FC) acquired the receivables from IHFL through an assignment agreement dated 2022-03-29. ASF Buildtech defaulted on loan repayments, leading Catalyst to issue loan recall notices dated 2023-12-08. An earlier CIRP application (CP(IB) No. 124 of 2024) was filed by Catalyst but disposed of on 2024-04-30 due to ongoing settlement talks. These talks failed, and Catalyst issued another loan recall notice on 2024-09-09. As of 2024-09-12, Rs. 768,51,48,906/- was outstanding. ASF Buildtech argued that the default

…

## Issues and analysis

### Issue 1: Whether a financial debt exists as defined under Section 5(8) of the Insolvency and Bankruptcy …

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

…

**Reasoning:** The Adjudicating Authority noted that the corporate debtor did not dispute the existence

…

**Interpretation:** The definition of financial debt requires a disbursal of debt against

…

**Application:** In this case, the loan agreements between Indiabulls and ASF Buildtech, and the

…

## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** Catalyst Trusteesh…
- **Respondents:** ASF Buildtech…

## Timeline

- **2020-08-06 — Loan Agreeme…**: Date of the loan agreement between Sammaan Capital (formerly Indiabulls Housing Finance…
- **2022-03-29 — Assignment Agreement…**: Date of the assignment agreement between Indiabulls Housing Finance Limited and Catalyst…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

---

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/asf-buildtech-private-limited-f57342c5