# In the matter of Future Corporate Resources Private Limited

> NCLT judgment dated 2024-09-05. Citation: TCN-2024-NCLT-00660. This case involves an Interlocutory Application (IA No. 3926/MB/2022) filed by Future Corporate…

- **Court:** NCLT
- **Order date:** 5 Sept 2024
- **Citation:** TCN-2024-NCLT-00660
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/future-corporate-resources-private-limited-d8697d14

## Summary

### Background

This case involves an Interlocutory Application (IA No. 3926/MB/2022) filed by Future Corporate Resources Private Limited (Applicant/Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC). The IA challenges the maintainability of a Corporate Insolvency Resolution Process (CIRP) application (CP(IB) No. 1111/MB/2022) filed by Central Bank of India (Respondent/Financial Creditor) under Section 7 of the IBC against Future Corporate Resources Private Limited, which is the corporate guarantor to Iskrupa Mall Management Company Private Limited, the Principal Borrower. The Applicant/CD contends that the CIRP application is barred by Section 10A of the IBC and that there are parallel proceedings arising out of the same debt. The alleged amount

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## Facts

Future Corporate Resources Private Limited (FCRPL) acted as a corporate guarantor for a loan availed by Iskrupa Mall Management Company Private Limited (IMMCL) from Central Bank of India (CBI). IMMCL defaulted on its repayment obligations on 30.09.2020, leading to CBI classifying the account as NPA on 29.12.2020. To restructure the debt, IMMCL and CBI entered into a One-Time Restructuring (OTR) agreement, with FCRPL executing a fresh Deed of Guarantee on 21.06.2021. However, IMMCL again defaulted on 31.03.2022 by failing to pay the first installment under the OTR. CBI initiated CIRP against FCRPL under Section 7 of IBC. FCRPL filed an IA challenging the maintainability of the CIRP application, arguing that the default date should be considered as 30.09.2020, which

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## Issues and analysis

### Issue 1: Whether the CIRP application filed by the …

**Ratio:** Section 128 of the Indian Contract Act, 1872, stipulates that the liability of a

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**Reasoning:** The Tribunal reasoned that the law permits a creditor to pursue simultaneous proceedings

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**Interpretation:** This legal principle interprets the rights of a financial creditor to initiate

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**Application:** The Tribunal applied this principle to reject the Applicant/CD's contention

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Respondents:** Future Corporate…; Central Bank of…

## Timeline

- **2015-09-19 — Sanction…**: Respondent/FC granted credit facility to the…
- **2015-09-24 — Term Loan Ag…**: Applicant/CD entered into Term Loan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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