# In the matter of Mantri Developers Private Limited

> NCLT judgment dated 2024-12-10. Citation: TCN-2024-NCLT-00077. Indian Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 10 Dec 2024
- **Citation:** TCN-2024-NCLT-00077
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mantri-developers-private-limited-76c5e5d8

## Summary

### Background

Indian Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Mantri Developers Private Limited for a default amount of Rs. 153,99,35,374 as of 05/03/2022. The corporate debtor argued that the loan account was wrongly classified as NPA and that a pre-existing dispute existed. The petitioner claimed the date of default was 28.09.2020, while the respondent tried to claim it was 28.12.2019 to avoid section 10A of IBC.

## Facts

Indian Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Mantri Developers Private Limited, the corporate debtor. The claimed default amount was Rs. 153,99,35,374 as of 05/03/2022. The loan was a term loan sanctioned on 19.08.2016 and disbursed on 29.06.2016. The corporate debtor mortgaged properties and provided corporate guarantees as security. The account was classified as NPA on 28.09.2020. The corporate debtor argued that the loan account was wrongly classified as NPA and that a pre-existing dispute existed. The petitioner initially stated the date of default as 28.09.2020, but later attempted to claim it was 28.12.2019. The respondent had also made a deposit of INR 10,70,00,000

…

## Issues and analysis

### Issue 1: Whether the petition under Section 7 of the IBC is maintainable given the objections raised by the …

**Ratio:** A pre-existing dispute is relevant only under Section 9 of the IBC, which pertains to

…

**Reasoning:** The Tribunal noted that the Respondent's objection regarding a pre-existing dispute was

…

**Interpretation:** The interpretation of Section 7 of the IBC is that the adjudicating authority

…

**Application:** The Tribunal found that the Respondent's objection regarding a pre-existing

…

## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** Indian…
- **Respondents:** M/s. Mantri…

## Timeline

- **1970-01-01 — Banking Compa…**: The Petitioner/ Financial Creditor is a body corporate constituted under the Banking…
- **1990-12-06 — Incorporation of…**: The Respondent/ Corporate Debtor was incorporated on 06.12.1990 and engaged in real…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/mantri-developers-private-limited-76c5e5d8