# In the matter of Epitome Residency Private Limited

> NCLT judgment dated 2025-04-22. Citation: TCN-2025-NCLT-00197. Capacit'e Infraprojects Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 22 Apr 2025
- **Citation:** TCN-2025-NCLT-00197
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/epitome-residency-private-limited-25d11bd7

## Summary

### Background

Capacit'e Infraprojects Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Epitome Residency Private Limited for initiating Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 18,04,17,518. The financial assistance was extended as Inter-Corporate Deposits (ICD) with a loan agreement dated 07.05.2018. The loan was secured by a mortgage of properties. The repayment tenure was revised multiple times through supplemental agreements. The Corporate Debtor failed to adhere to the repayment schedule, leading to the issuance of a demand notice on 08.04.2024.

## Facts

Capacit'e Infraprojects Limited (Financial Creditor) extended financial assistance to Epitome Residency Private Limited (Corporate Debtor) in the form of Inter-Corporate Deposits (ICD) amounting to Rs. 15,00,00,000 at a simple interest of 15% p.a. via a loan agreement dated 07.05.2018. The ICD was disbursed in three tranches on 08.05.2018, each amounting to Rs. 5 Crores, with repayment structured in nine installments. The loan was secured by a mortgage of apartments/flats. The repayment tenure was revised multiple times through supplemental agreements, with the last revision extending the repayment of Rs. 9,99,99,999/- until 12.07.2022. The Corporate Debtor defaulted on repayment, leading to an outstanding debt of Rs. 18,04,17,518 as of 12.07.2022. A demand notice was

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on …

**Ratio:** The principle is that if a corporate debtor commits a default of a financial debt, the

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**Reasoning:** The Tribunal found that the Corporate Debtor had defaulted on the repayment of the ICD as

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**Interpretation:** The interpretation is that a 'default' occurs when the corporate debtor fails

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**Application:** In this case, the Corporate Debtor failed to repay the outstanding amount of

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Capacit'e…
- **Respondents:** Epitome Residency…

## Timeline

- **2018-05-07 — Loan Agreeme…**: Loan agreement between Capacit'e Infraprojects Limited and Epitome Residency Private…
- **2018-05-08 — ICD Disbur…**: ICD disbursed in three tranches,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(1) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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