# In the matter of Imperia Structures Limited C.P. (IB) 2228(PB)-2019

> NCLT judgment dated 2022-08-26. Citation: TCN-2022-NCLT-01250. HT Media Limited, the financial creditor (FC), filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 26 Aug 2022
- **Citation:** TCN-2022-NCLT-01250
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/imperia-structures-limited-cp-ib-2228pb-2019-48b73a33

## Summary

### Background

HT Media Limited, the financial creditor (FC), filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against Imperia Structures Limited, the corporate debtor (CD), seeking to initiate Corporate Insolvency Resolution Process (CIRP). The claim amounted to ₹3,24,09,246, comprising principal and interest, based on apartment buyer agreements (ABAs) and a buy-back clause. The CD contended that the application was barred by limitation, there was no default, and the FC was attempting to use insolvency proceedings as a debt recovery tool. The CD argued that the transaction was part of a larger barter arrangement involving advertising services.

## Facts

HT Media Limited (FC) and Imperia Structures Limited (CD) entered into three Apartment Buyer Agreements (ABAs) dated 11.07.2013 for units C-1901, C-2103, and C-2003 in 'The Esfera' project. Clause 60 of the supplementary agreements provided a buy-back option for the FC after 24 months with 12% compounded interest. The FC invoked the buy-back clause on 10.07.2018, demanding repayment. The CD did not repay. The FC filed an application under Section 7 of IBC in August 2019 for ₹3,24,09,246, including principal and interest. The CD argued the application was time-barred, stemming from a default date of 10.07.2015, and that the FC's claim was part of a larger barter arrangement involving advertising services. The CD also argued that the FC was an allottee and the

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## Issues and analysis

### Issue 1: Whether the application filed by HT Media Limited under Section 7 of the Insolvency and Bankruptcy …

**Ratio:** The essential criteria to move an application under section 7 of the Insolvency and

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**Reasoning:** The NCLT reasoned that HT Media Limited, being an apartment buyer, falls under the

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**Interpretation:** The interpretation of Section 7 of the IBC requires that a homebuyer seeking to

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**Application:** Since HT Media Limited did not meet the criteria of either 100 in number or 10

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash K.…
- **Appellants:** HT Media L…
- **Respondents:** Imperia Structures…

## Timeline

- **2010-02-05 — Incorporation of…**: Imperia Structures Limited…
- **2013-07-11 — Apartment Buyer…**: HT Media Limited entered into three Apartment Buyer Agreements (ABAs) with Imperia…

## 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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