# In the matter of New Hind Silk House Private Limited

> NCLT judgment dated 2024-02-12. Citation: TCN-2024-NCLT-02630. PNB Housing Finance Limited filed an application (I.A No. 1299/KB/2023) in an ongoing corporate…

- **Court:** NCLT
- **Order date:** 12 Feb 2024
- **Citation:** TCN-2024-NCLT-02630
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/new-hind-silk-house-private-limited-06fe8e46

## Summary

### Background

PNB Housing Finance Limited filed an application (I.A No. 1299/KB/2023) in an ongoing corporate insolvency resolution process (CIRP) against New Hind Silk House Private Limited (Corporate Debtor). The CIRP was initiated under Section 7 of the Insolvency and Bankruptcy Code, 2016. PNB Housing Finance sought a directive for the Interim Resolution Professional (IRP) to accept their entire claim of Rs 4,93,40,531.95, including a rejected portion of Rs 1,52,51,531.95. The Corporate Debtor had availed a non-housing loan facility from PNB Housing Finance for business expansion, secured by mortgaging properties. The Corporate Debtor defaulted on repayment, leading to the applicant declaring the account as a non-performing asset (NPA) and initiating recovery measures under the

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## Facts

Rahul Hydrocarbon Commercial Private Limited initiated corporate insolvency resolution process against New Hind Silk House Private Limited under Section 7 of IBC, 2016. PNB Housing Finance Limited, being a creditor of New Hind Silk House Private Limited, filed I.A No. 1299/KB/2023 seeking a direction to the Interim Resolution Professional (IRP) to accept their entire claim of Rs 4,93,40,531.95. New Hind Silk House Private Limited had availed a non-housing loan facility from PNB Housing Finance for business expansion, secured by mortgaging properties. The loan was sanctioned in January 2018, with subsequent disbursement letters and supplemental agreements executed. The Corporate Debtor defaulted on repayment, leading to the account being declared an NPA on 12.05.2022.

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## Issues and analysis

### Issue 1: Whether the Interim Resolution Professional (IRP) correctly rejected a portion of the claim …

**Ratio:** The legal principle is that if a debtor fails to comply with the terms of a settlement

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**Reasoning:** The court reasoned that the Corporate Debtor failed to comply with the terms of the

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**Interpretation:** The interpretation is that a one-time settlement is a conditional agreement,

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**Application:** The court applied this principle to the facts by noting that the Corporate

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## Parties

- **Judges:** RohitKa…; D. Ar…
- **Appellants:** PNB Housing…
- **Respondents:** New Hind Silk…; Bimal Kanti…
- **Advocates:** Md. Dilwa…; Rishav Ba…; +1 more

## Timeline

- **2018-01-01 — Loan Sanc…**: Loan facility was sanctioned by…
- **2018-01-01 — Disbursement Letter…**: Parties executed disbursement…

## 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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