# In the matter of GOLDSOUK INFRASTRUCTURE PRIVATE LIMITED

> NCLT judgment dated 2025-03-24. Citation: TCN-2025-NCLT-00325. The case involves a Company Petition filed by Omkara Assets Reconstruction Company Private…

- **Court:** NCLT
- **Order date:** 24 Mar 2025
- **Citation:** TCN-2025-NCLT-00325
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/goldsouk-infrastructure-private-limited-e6f4145b

## Summary

### Background

The case involves a Company Petition filed by Omkara Assets Reconstruction Company Private Limited (Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Goldsouk Infrastructure Private Limited (Corporate Debtor). The petition is based on a financial debt of Rs. 40,39,20,414/- with the date of default being 10.10.2022. The original loan was sanctioned by DMI Finance Private Limited and DMI Housing Finance Private Limited, which later assigned their rights to Omkara Assets Reconstruction Company Private Limited.

## Facts

DMI Finance Private Limited (DMI FPL) and DMI Housing Finance Private Limited (DMI HFPL) sanctioned a Term Loan Facility of Rs. 16,21,00,000/- to Goldsouk Infrastructure Private Limited (Corporate Debtor) under a Term Loan Agreement dated 31.05.2016. The Corporate Debtor defaulted on repayments, leading to the loan account being classified as a Non-Performing Asset (NPA) on 14.06.2018. DMI FPL and DMI HFPL issued a statutory demand notice on 16.07.2018. The Security Trustee initiated measures under the SARFAESI Act and took physical possession of a mortgaged property on 12.04.2019. A Lease Agreement was executed on 22.07.2019 to recover outstanding dues, with lease rentals to be paid to the Corporate Debtor's loan account. The Lessees failed to pay lease rentals from

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** The initiation of CIRP under the IBC is not subject to arbitration, as it is a proceeding

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**Reasoning:** The Tribunal noted that the petition before it was for the initiation of CIRP against the

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**Interpretation:** The IBC provides a mechanism for the resolution of insolvency and the

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**Application:** The existence of an arbitration clause in the Term Loan Agreement does not

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Omkara Assets…
- **Respondents:** Goldsouk Infrastru…

## Timeline

- **2016-05-31 — Term Loan Ag…**: DMI Finance Private Limited and DMI Housing Finance Private Limited sanctioned a Term…
- **2018-06-14 — NPA Classif…**: The Corporate Debtor's loan account was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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