# In the matter of Hallmark Infrastructure Private Limited

> NCLT judgment dated 2024-08-23. Citation: TCN-2024-NCLT-00756. The case involves an application filed by Bank of India, the Financial Creditor, against…

- **Court:** NCLT
- **Order date:** 23 Aug 2024
- **Citation:** TCN-2024-NCLT-00756
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hallmark-infrastructure-private-limited-1b558c6c

## Summary

### Background

The case involves an application filed by Bank of India, the Financial Creditor, against Hallmark Infrastructure Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total sum of Rs.1,20,26,946.73/- as the amount due and payable by the Corporate Debtor. The Corporate Debtor had taken various credit facilities from the Financial Creditor, which were renewed from time to time. The facilities sanctioned as per the loan and security documents on 13.03.2013 and 28.12.2013 amounted to Rs.14.94 Crores. The Corporate Debtor executed three Demand Promissory Notes for a sum of Rs.2 Crores, Rs.10 Crores and Rs.2.94 Crores on

…

## Facts

Bank of India, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Hallmark Infrastructure Private Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor had defaulted in repayment of a loan amounting to Rs.1,20,26,946.73/-. The Corporate Debtor had taken various credit facilities from the Financial Creditor, amounting to Rs.14.94 Crores, which were sanctioned on 13.03.2013 and 28.12.2013. The Corporate Debtor executed three Demand Promissory Notes for a sum of Rs.2 Crores, Rs.10 Crores and Rs.2.94 Crores on 15.04.2013, 28.12.2013 and 28.12.2013 respectively. The Corporate Debtor submitted an OTS to the

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 should be …

**Ratio:** The Tribunal is bound to admit the application under Section 7 of the IBC if there is an

…

**Reasoning:** The Tribunal relied on the judgments of the Hon'ble Supreme Court in Innoventive

…

**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

…

**Application:** In this case, the Tribunal found that the Financial Creditor had proved the

…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Bank of…
- **Respondents:** Hallmark Infrastru…; Hallmark Infrastru…

## Timeline

- **2013-03-13 — Loan San…**: Financial Creditor sanctioned loan…
- **2013-12-28 — Loan San…**: Financial Creditor sanctioned loan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hallmark-infrastructure-private-limited-1b558c6c