# In the matter of Iskrupa Mall Management Company Private Limited

> NCLT judgment dated 2024-08-30. Citation: TCN-2024-NCLT-00709. This case involves an Interlocutory Application (IA 797/MB/2023) filed by Iskrupa Mall…

- **Court:** NCLT
- **Order date:** 30 Aug 2024
- **Citation:** TCN-2024-NCLT-00709
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/iskrupa-mall-management-company-private-limited-eae14574

## Summary

### Background

This case involves an Interlocutory Application (IA 797/MB/2023) filed by Iskrupa Mall Management Company Private Limited (Corporate Debtor) under Section 60(5) of the Insolvency and Bankruptcy Code, 2016 (IBC), challenging the maintainability of a Corporate Insolvency Resolution Process (CIRP) application (CP(IB) No. 839/MB/2022) filed by Central Bank of India (Financial Creditor) under Section 7 of the IBC. The Corporate Debtor argues that the CIRP application is barred by Section 10A of the IBC due to the default occurring within the COVID-19 pandemic period and that there are parallel proceedings for the same debt. The Financial Creditor contends that the default occurred when the Corporate Debtor failed to meet its obligations under a One-Time Restructuring (OTR)

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## Facts

Iskrupa Mall Management Company Private Limited (Corporate Debtor) availed a loan facility from Central Bank of India (Financial Creditor). The Corporate Debtor defaulted on 30.09.2020, leading to a request for a One-Time Restructuring (OTR). The OTR was approved on 19.06.2021, and a Restructuring Agreement was entered into on 21.06.2021. The Corporate Debtor failed to meet its repayment obligations under the OTR, with the first Structured Quarterly Instalment (SQI) due on 31.03.2022. The Financial Creditor filed a Corporate Insolvency Resolution Process (CIRP) application (CP(IB) No. 839/MB/2022) under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Corporate Debtor filed an Interlocutory Application (IA 797/MB/2023) challenging the maintainability of the

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) application filed by the Financial …

**Ratio:** A financial creditor is entitled to file an application under Section 7 of the IBC if a

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**Reasoning:** The court found that the Corporate Debtor had availed of a loan facility from the

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

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**Application:** In this case, the Corporate Debtor had defaulted on its repayment obligations,

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Respondents:** Iskrupa Mall…; Central Bank of…

## Timeline

- **2020-09-30 — Initial D…**: Corporate Debtor…
- **2021-06-19 — OTR Appr…**: One-Time Restructuring (OTR)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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