# In the matter of Notion Real Estate Private Limited

> NCLT judgment dated 2024-01-09. Citation: TCN-2024-NCLT-03233. The case involves a Company Petition (CP (IB) No. 915/MB/2023) filed by Piramal Capital and…

- **Court:** NCLT
- **Order date:** 9 Jan 2024
- **Citation:** TCN-2024-NCLT-03233
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/notion-real-estate-private-limited-aa058d98

## Summary

### Background

The case involves a Company Petition (CP (IB) No. 915/MB/2023) filed by Piramal Capital and Housing Finance Limited (Financial Creditor) 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, to initiate Corporate Insolvency Resolution Process (CIRP) against Notion Real Estate Private Limited (Corporate Debtor). The Financial Creditor's application is based on the Corporate Debtor's default on a loan agreement dated 23.05.2016. The Financial Creditor claims that the Corporate Debtor defaulted in payment of Pre-EMI due and payable as on 31.03.2019. The Financial Creditor also states that DHFL, which had sanctioned the loan, was acquired by the Financial Creditor

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## Facts

Piramal Capital and Housing Finance Limited (Financial Creditor, formerly known as Dewan Housing Finance Corporation Limited - DHFL) filed a Company Petition (CP (IB) No. 915/MB/2023) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Notion Real Estate Private Limited (Corporate Debtor) to initiate Corporate Insolvency Resolution Process (CIRP). The Financial Creditor's claim arises from a loan agreement dated 23.05.2016, where DHFL sanctioned a loan of Rs. 360,00,00,000/- to the Corporate Debtor for a Slum Redevelopment Authority (SRA) project. Rs. 359,99,00,000/- was disbursed. Repayment was to be done in 36 equated monthly installments after a 48-month moratorium. The Corporate Debtor executed several documents, including a Simple Mortgage,

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor is barred by limitation under the …

**Ratio:** Section 60(6) of the IBC allows for the exclusion of the period during which a moratorium

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**Reasoning:** The Adjudicating Authority considered that DHFL, the original lender, was under CIRP, and

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**Interpretation:** Section 60(6) of the IBC is interpreted to mean that any period during which a

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**Application:** The Adjudicating Authority applied Section 60(6) of the IBC to exclude the

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** PIRAMAL CAPITAL &…
- **Respondents:** Notion Real…

## Timeline

- **2016-05-23 — Loan Agreeme…**: DHFL executed a loan agreement…
- **2016-05-23 — Security Interest…**: Date of creation of security…

## 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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