# In the matter of Dolphin Buildwell Private Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-00349. Standard Capital Markets Ltd. initiated a corporate insolvency resolution process (CIRP)…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-00349
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dolphin-buildwell-private-limited-291739d9

## Summary

### Background

Standard Capital Markets Ltd. initiated a corporate insolvency resolution process (CIRP) against Dolphin Buildwell Private Ltd. under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The application stems from a financial debt arising from loan facilities originally sought by Veer Chemicals Pvt. Ltd. from Sammaan Capital Ltd. (SCL), later assigned to Standard Capital Markets Ltd. The loan was intended for construction activities and building residential projects. SCL disbursed Rs. 150,00,00,000/- to Veer, supported by a Memorandum of Entry creating a mortgage on land and a Deed of Hypothecation in favor of SCL. An addendum agreement extended the loan term. Dolphin Buildwell Private Ltd. acted as a guarantor for the loan availed by Veer. Veer and Dolphin

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## Facts

Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL) for construction activities. SCL sanctioned the loan, and a Loan Agreement was executed on 2018-10-30 for Rs. 150,00,00,000/-. SCL disbursed the amount to Veer on 2018-11-02. Dolphin Buildwell Private Ltd. acted as a guarantor for the loan. A Memorandum of Entry was executed on 2020-11-28, creating a mortgage on land in favor of SCL. An Addendum Agreement was executed on 2020-10-01, extending the loan term. SCL executed a Deed of Assignment on 2024-10-01, assigning its rights to Standard Capital Markets Ltd. Veer and Dolphin Buildwell failed to pay an EMI of Rs. 10,63,47,656/- towards principal and Rs. 1,32,93,457/- towards interest on 2024-10-05, leading to a default. Standard Capital

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## Issues and analysis

### Issue 1: Whether the Respondent/Corporate Debtor committed a default in terms of the provisions of Section …

**Ratio:** Section 7(5) of the IBC, 2016, states that the Adjudicating Authority shall admit the

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**Reasoning:** The Adjudicating Authority considered the documents and submissions of both parties and

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**Interpretation:** Section 7(5) of the IBC mandates the admission of an application if a default

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**Application:** In this case, the Adjudicating Authority found that the Respondent had failed

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## Parties

- **Judges:** Sh. Ashok Kumar…; Charanjeet Singh…
- **Appellants:** Standard Capital…
- **Respondents:** Dolphin Buildwell…

## Timeline

- **2018-10-30 — Loan Agreement…**: 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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