# In the matter of Notion Real Estate Private Limited

> NCLT judgment dated 2024-01-09. Citation: TCN-2024-NCLT-03235. 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-03235
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/notion-real-estate-private-limited-cf665517

## 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 in repayment of a loan. The loan was originally sanctioned by Dewan Housing Finance Corporation Limited (DHFL), which was later acquired by Piramal Capital & Housing Finance Limited. The application was filed due to the corporate debtor's failure to repay the outstanding

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## Facts

Piramal Capital and Housing Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Notion Real Estate Private Limited (Corporate Debtor). The basis for the application was the Corporate Debtor's default in repayment of a loan originally sanctioned by Dewan Housing Finance Corporation Limited (DHFL), later acquired by Piramal Capital. The total amount of default was Rs. 767,27,03,620/-, comprising outstanding principal (Rs. 359,99,00,000/-), outstanding interest (Rs. 284,84,20,886/-), default/additional interest (Rs. 122,12,30,082/-), and cheque return/other charges (Rs. 31,52,652/-). The loan agreement was dated 23.05.2016. The date of

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## Issues and analysis

### Issue 1: Whether the application filed under Section …

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

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**Reasoning:** The court reasoned that since DHFL, the original lender, was under CIRP and a moratorium

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

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**Application:** The court applied Section 60(6) to the facts of the case by excluding the

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## Parties

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

## Timeline

- **2016-05-23 — Loan Agreeme…**: Loan Agreement executed between Dewan Housing Finance Corporation Limited (DHFL) and…
- **2019-03-31 — Date of D…**: The Corporate Debtor defaulted in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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