# In the matter of Ideal Real Estates Private Limited

> NCLT judgment dated 2024-04-05. Citation: TCN-2024-NCLT-01801. Oarsman Credit Private Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Apr 2024
- **Citation:** TCN-2024-NCLT-01801
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ideal-real-estates-private-limited-a229ddb8

## Summary

### Background

Oarsman Credit Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ideal Real Estates Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). Ideal Real Estates Private Limited filed an application (I.A. (IB) No. 1920/KB/2023) seeking a stay on the proceedings. The Financial Creditor and Corporate Debtor had previously entered into settlement agreements, with the Corporate Debtor allegedly defaulting on payments. The Financial Creditor argued that it had the liberty to file a fresh petition due to the default, while the Corporate Debtor contended that the fresh petition was not maintainable.

## Facts

Oarsman Credit Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Ideal Real Estates Private Limited (Corporate Debtor). The Corporate Debtor was incorporated on October 7, 1988. The Financial Creditor claimed a default of Rs. 7,38,31,923.80 as of June 1, 2023, with the date of default mentioned as September 21, 2022. The Financial Creditor, an NBFC, had disbursed Rs. 5,00,00,000 with interest to the Corporate Debtor between May 4, 2013, and May 20, 2013. The parties had entered into a settlement agreement on November 21, 2020, leading to the withdrawal of a previous company petition. However, the Corporate Debtor failed to make payments as per the settlement, leading to the

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## Issues and analysis

### Issue 1: Whether the claim of the Financial Creditor constitutes a financial debt under the Insolvency and …

**Ratio:** A financial debt is defined under Section 5(8) of the IBC as a debt along with interest,

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**Reasoning:** The court considered the restructuring agreement and the fact that the Corporate Debtor

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**Interpretation:** The court interpreted the restructuring agreement as an acknowledgment of the

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**Application:** The court applied the definition of financial debt to the facts, finding that

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## Parties

- **Judges:** RohitKa…; Balraj…
- **Appellants:** Oarsman Credit…
- **Respondents:** Ideal Real…

## Timeline

- **1988-10-07 — Corporate Debtor…**: Ideal Real Estates Private…
- **2013-05-04 — Disbursement…**: Rs. 5,00,00,000 was disbursed to the Corporate…

## 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)

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