# In the matter of Jouelana Construction Private Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-00357. Umaveer Buildcon Private Limited, the Financial Creditor/Applicant, filed a Company Petition…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-00357
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/jouelana-construction-private-limited-7d5634ea

## Summary

### Background

Umaveer Buildcon Private Limited, the Financial Creditor/Applicant, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jouelana Construction Private Limited (formerly known as Gold Star Builders and Developers Private Limited), the Corporate Debtor/Respondent. The Corporate Debtor approached the Financial Creditor in January 2024 for an intercorporate deposit of Rs. 1,10,00,000. An Inter-Corporate Deposit/Loan Facility Agreement was executed on 01/02/2024, with an interest rate of 15% p.a. and a maturity date of 31/07/2024. The Corporate Debtor failed to repay the loan amount by the maturity date, leading to the Financial Creditor issuing loan recall notices on

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## Facts

Umaveer Buildcon Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Jouelana Construction Private Limited (Corporate Debtor). The Corporate Debtor approached the Financial Creditor in January 2024 for an intercorporate deposit of Rs. 1,10,00,000. An Inter-Corporate Deposit/Loan Facility Agreement was executed on 01/02/2024, with an interest rate of 15% p.a. and a maturity date of 31/07/2024. The Corporate Debtor failed to repay the loan amount by the maturity date, leading to the Financial Creditor issuing loan recall notices on 13/08/2024 and 21/08/2024. The total amount of default was Rs. 1,17,40,300 as on 31/10/2024, with the date of

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## Issues and analysis

### Issue 1: Whether there exists a financial debt exceeding the threshold limit prescribed under Section 4 of …

**Ratio:** The existence of a financial debt is determined by examining the loan agreement and

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**Reasoning:** The Tribunal considered the loan agreement dated 01.02.2024, which specified the terms of

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**Interpretation:** The term 'financial debt' is interpreted to include any debt along with

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**Application:** In this case, the Tribunal found that the Corporate Debtor had borrowed money

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## Parties

- **Judges:** V. G. Bisht…; SH. PRABHAT…
- **Appellants:** Umaveer Buildcon…
- **Respondents:** Jouelana Construct…

## Timeline

- **2024-01-01 — Corporate Debtor…**: Corporate Debtor approached the Financial Creditor for an intercorporate deposit of Rs.…
- **2024-02-01 — Loan Agreement…**: Inter-Corporate Deposit/Loan Facility Agreement executed with an interest rate of 15%…

## 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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