# In the matter of Camel Shelters Private Limited TA (IBC)-57(PB)-2022

> NCLT judgment dated 2023-01-12. Citation: TCN-2023-NCLT-05072. The case involves an application filed by M/s Piramal Capital and Housing Finance Limited…

- **Court:** NCLT
- **Order date:** 12 Jan 2023
- **Citation:** TCN-2023-NCLT-05072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/camel-shelters-private-limited-ta-ibc-57pb-2022-153d57e9

## Summary

### Background

The case involves an application filed by M/s Piramal Capital and Housing Finance Limited (formerly known as Devan Housing Finance Corporation Limited) against M/s Camel Shelters Private Limited. The applicant sought reliefs including allowing the present petition and issuing directions for the transfer of C.P.(IB).No 126(CHE) of 2022 from NCLT BENCH-II to NCLT BENCH-I in Chennai. The applicant had sanctioned a loan to the respondent and other borrowers, who defaulted on repayments, leading to their account being classified as a Non-Performing Asset (NPA). The applicant filed 19 petitions to initiate CIRP against the borrowers, with cases listed before different NCLT benches.

## Facts

M/s Piramal Capital and Housing Finance Limited (formerly Devan Housing Finance Corporation Limited) filed an application against M/s Camel Shelters Private Limited. The applicant had sanctioned a loan to the respondent and 18 other borrowers, evidenced by a sanction letter dated 2014-09-26. The financial creditor sanctioned Rs 20,00,00,000/- and disbursed Rs 19,80,00,000/- on 2014-09-30. The borrowers defaulted on repayments from 2015 onwards, leading to the account being classified as NPA on 2015-06-30. The applicant filed 19 petitions to initiate CIRP against the borrowers. The applicant also submitted that the corporate debtor and the borrowers jointly deposited the original title documents relating to the properties owned by each of the Borrowers at the branch

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## Issues and analysis

### Issue 1: Whether the transfer application bearing no. TA (IBC)-57(PB)/2022 should be allowed to consolidate …

**Ratio:** The principle of ensuring justice and avoiding conflicting orders from different benches

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**Reasoning:** The court reasoned that since all matters are connected and arise out of a single loan

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**Interpretation:** The interpretation focuses on the need for consistency and efficiency in

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Ramalingam…
- **Appellants:** M/s. Piramal…
- **Respondents:** M/s CAMEL…
- **Advocates:** Deepika M…

## Timeline

- **2014-09-26 — Loan Sanction…**: Applicant sanctioned a loan vide sanction letter bearing reference number…
- **2014-09-26 — Loan Agre…**: All the Borrowers jointly executed the Loan…

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