# In the matter of Divya Infra Properties Private Limited

> NCLT judgment dated 2023-10-31. Citation: TCN-2023-NCLT-00940. The case involves an application filed by Omkara Assets Reconstruction Private Limited…

- **Court:** NCLT
- **Order date:** 31 Oct 2023
- **Citation:** TCN-2023-NCLT-00940
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/divya-infra-properties-private-limited-120c62de

## Summary

### Background

The case involves an application filed by Omkara Assets Reconstruction Private Limited (Financial Creditor/Petitioner) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Divya Infra Properties Private Limited (Corporate Debtor/Respondent). The application is based on the Corporate Debtor's alleged default on a total outstanding amount of Rs. 47,59,12,611 as of September 6, 2022. The Corporate Debtor had availed a project loan of Rs. 20 Crores from Dewan Housing Finance Corporation Limited (DHFL) in 2015, which was later assigned to Omkara Assets Reconstruction Private Limited. The petition was initially filed on 20.10.2022.

## Facts

Divya Infra Properties Private Limited (Corporate Debtor) availed a project loan of Rs. 20 Crores from Dewan Housing Finance Corporation Limited (DHFL) on January 31, 2015. The loan carried a floating interest rate of 18.50% p.a. and a penal interest of 24% p.a. The Corporate Debtor defaulted on its payment obligations, with the initial date of default mentioned as September 15, 2016. DHFL underwent a reverse merger with Piramal Capital & Housing Finance Limited (PCHFL), which later assigned the loan to Omkara Assets Reconstruction Private Limited (Financial Creditor) on January 10, 2023. As of September 6, 2022, the total outstanding amount was Rs. 47,59,12,611, including principal and interest. The Corporate Debtor acknowledged the debt in an email dated March 2,

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The Adjudicating Authority considered the evidence presented by the Financial Creditor,

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**Interpretation:** Section 7 of the IBC provides a mechanism for financial creditors to recover

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**Application:** The Corporate Debtor had defaulted on its payment obligations under the loan

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Respondents:** Divya Infra…

## Timeline

- **2015-01-31 — Loan Agre…**: Divya Infra Properties Private Limited availed a project loan of Rs. 20 Crores from Dewan…
- **2016-09-15 — Date of D…**: The Corporate Debtor defaulted on its…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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