# In the matter of HPT Constructions Pvt. Ltd. IB-230(PB)-2021

> NCLT judgment dated 2022-04-01. Citation: TCN-2022-NCLT-03429. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for…

- **Court:** NCLT
- **Order date:** 1 Apr 2022
- **Citation:** TCN-2022-NCLT-03429
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/hpt-constructions-pvt-ltd-ib-230pb-2021-62583a10

## Summary

### Background

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against M/s. HPT Constructions Pvt. Ltd. (Corporate Debtor) due to a default in repayment of Rs. 6,03,00,000. The applicant, M/s. Kaliber Associates Pvt. Ltd. (Financial Creditor), filed the application through its Liquidator, Mr. Mohan Lal Jain, as the Liquidator was allowed to institute legal proceedings on behalf of the Financial Creditor. The original CIRP proceedings were initiated by One M/s. Relan Buildwell Pvt. Ltd., against the M/s. Kaliber Associates Pvt. Ltd., which was admitted by this Authority vide Order dated 18.01.2019 in CP (IB) No-228/2018 and Mr. Vinay Talwar was appointed as the IRP. Liquidation

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## Facts

M/s. Kaliber Associates Pvt Ltd (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. HPT Constructions Pvt. Ltd. (Corporate Debtor) for defaulting on a repayment of Rs. 6,03,00,000. The Financial Creditor filed the application through its Liquidator, Mr. Mohan Lal Jain, who was authorized to institute legal proceedings on behalf of the Financial Creditor. The Corporate Debtor was disbursed a short-term facility in 21 tranches and had agreed to repay the loan at 15% P.A. within 18 months from the date of the last disbursement. The date of default is 31.01.2019. The Corporate Debtor failed to repay the outstanding dues despite receiving demand

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## Issues and analysis

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

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court considered the pleadings and documentary evidence, including the Corporate

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**Interpretation:** Section 7 provides the mechanism for a financial creditor to trigger the

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**Application:** The court found that the Financial Creditor had fulfilled all the requirements

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## Parties

- **Judges:** Ramalingam…; HEMANT KUMAR…
- **Appellants:** M/s Kaliber…
- **Respondents:** M/s. HPT Construct…

## Timeline

- **2018-04-19 — Demand Notice…**: The ex-directors of the Financial Creditor issued the first demand notice demanding…
- **2018-05-11 — Corporate Debto…**: The Corporate Debtor…

## 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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