# In the matter of NEEMRANA LAND PRIVATE LIMITED

> NCLT judgment dated 2025-05-29. Citation: TCN-2025-NCLT-00037. The case involves a company petition filed by Patel Kumar and others (Financial…

- **Court:** NCLT
- **Order date:** 29 May 2025
- **Citation:** TCN-2025-NCLT-00037
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/neemrana-land-private-limited-565a4212

## Summary

### Background

The case involves a company petition filed by Patel Kumar and others (Financial Creditors/Petitioners) against Neemrana Land Pvt. Ltd. (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petitioners sought initiation of the Corporate Insolvency Resolution Process (CIRP) due to default in repayment of an outstanding loan amount. The Corporate Debtor is a private limited company engaged in the real estate business. The Financial Creditors had extended financial assistance as a loan to the Corporate Debtor at an interest rate of 24% p.a. The Corporate Debtor received a total principal loan amount of Rs. 1,90,00,000/- from the

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## Facts

Patel Kumar and others (Financial Creditors) filed a company petition against Neemrana Land Pvt. Ltd. (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditors had extended loans to the Corporate Debtor at an interest rate of 24% p.a. totaling Rs. 1,90,00,000/-. The loans were disbursed between May and June 2018. The Corporate Debtor made partial payments of accrued interest until 16.10.2019, but failed to pay the principal amount and further interest from 17.10.2019 to 31.03.2024. The Financial Creditors sent legal notices on 09.05.2024 and 10.05.2024, which were not accepted by the Corporate Debtor. The Corporate Debtor argued that there was no specific date of default, no financial contract, and the petition was barred

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## Issues and analysis

### Issue 1: Whether the Petitioners are financial …

**Ratio:** A financial creditor is defined as any person to whom a financial debt is owed and

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**Reasoning:** The Petitioners advanced loans to the Corporate Debtor, and the Corporate Debtor

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**Interpretation:** The definition of financial creditor is broad and includes any person to whom a

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**Application:** The Petitioners qualify as financial creditors because they advanced loans to

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** PATEL K…
- **Respondents:** NEEMRANA LAND…
- **Advocates:** Dinesh Bi…; Puneet Mahe…; +1 more

## Timeline

- **2016-08-31 — Incorporation of…**: The Corporate Debtor, Neemrana Land Pvt. Ltd., was incorporated and registered under the…
- **2018-03-23 — Registration of Real…**: The Corporate Debtor registered its real estate project "FIRST AVENUE" under the…

## 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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