# In the matter of Lepakshi Heritage Wellness Village Private Limited C.P. (IB) No. 107-BB-2021

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-02436. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-02436
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lepakshi-heritage-wellness-village-private-limited-cp-ib-no-107-bb-2021-08d9e11c

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by M/s. Global Emerging Markets India Limited (Petitioner/Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lepakshi Heritage Wellness Village Private Limited (Respondent/Corporate Debtor). The claim is based on a default of Rs. 25,84,94,000/-. The Financial Creditor and Lepakshi Science and Technology Park Private Limited (Borrower) executed an Inter Corporate Deposit (ICD) agreement on 19.03.2012, where Rs. 5,00,00,000/- was forwarded to the Borrower. The Corporate Debtor executed a corporate guarantee in favor of the Financial Creditor guaranteeing repayment of the amount transferred to the Borrower. The Financial Creditor

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## Facts

1. M/s. Global Emerging Markets India Ltd. (Petitioner/Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Lepakshi Heritage Wellness Village Private Limited (Respondent/Corporate Debtor) for a default of Rs. 25,84,94,000/-
2. Lepakshi Knowledge Hub Private Limited (Project Proponent) entered into a Memorandum of Agreement with the Government of Andhra Pradesh on 22.12.2008.
3. On 19.03.2012, the Financial Creditor and Lepakshi Science and Technology Park Private Limited (Borrower) executed an Inter Corporate Deposit (ICD) agreement for Rs. 5,00,00,000/-, which was forwarded by the Financial Creditor to the Borrower.
4. On 29.03.2012, the Corporate Debtor

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## Issues and analysis

### Issue 1: Whether the amount given under an Inter …

**Ratio:** The settled principle of law is that the amount given under an Inter Corporate Deposit is

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**Reasoning:** The Adjudicating Authority relied on the settled principle of law that an Inter Corporate

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**Interpretation:** An Inter Corporate Deposit (ICD) is generally considered a financial debt under

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**Application:** The Adjudicating Authority applied the principle to the facts of the case,

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** M/s. Global…
- **Respondents:** M/s. Lepakshi…
- **Advocates:** Dhyan Chi…; Rohan Ko…; +1 more

## Timeline

- **2008-12-22 — Memorandum of…**: Lepakshi Knowledge Hub Private Limited entered into a Memorandum of Agreement with the…
- **2012-01-07 — Memorandum of…**: Memorandum of Understanding dated 07.01.2012 between Financial Creditor and Lepakshi…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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