# In the matter of Revital Realty Private Limited (IB) 283 (ND)-2022

> NCLT judgment dated 2022-05-23. Citation: TCN-2022-NCLT-02666. Indiabulls Housing Finance Limited, the financial creditor, filed an application under Section…

- **Court:** NCLT
- **Order date:** 23 May 2022
- **Citation:** TCN-2022-NCLT-02666
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/revital-realty-private-limited-ib-283-nd-2022-9aac6672

## Summary

### Background

Indiabulls Housing Finance Limited, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against Revital Reality Private Limited, the corporate debtor, for defaulting on a loan of Rs. 85 crores. The financial creditor contended that the corporate debtor failed to pay installments on time, despite making some payments through cheques and RTGS transactions between 2016 and 2019. The financial creditor issued a recall notice on March 25, 2022, demanding repayment within three days, which was not met, leading to the declaration of default on March 28, 2022. The application was filed based on this default date.

## Facts

Indiabulls Housing Finance Limited sanctioned a loan of Rs. 85 crores to Revital Reality Private Limited. The corporate debtor made payments between May 9, 2016, and January 24, 2019, which were adjusted towards the amount due until July 19, 2018. Indiabulls issued a recall notice on March 25, 2022, demanding repayment within three days. The corporate debtor failed to repay, leading Indiabulls to declare default on March 28, 2022, and file an application under Section 7 of the IBC in 2022. The payment schedule outlined specific due dates for interest and principal payments. The first default occurred on May 9, 2016, when an installment was not paid. The application was filed more than three years after the initial default.

## Issues and analysis

### Issue 1: Whether the application filed by the …

**Ratio:** The limitation period for filing an application under Section 7 of the IBC starts from

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**Reasoning:** The court reasoned that the application was filed in 2022, while the actual date of

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**Interpretation:** The IBC mandates that applications must be filed within the prescribed

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**Application:** The court applied the ratio to the facts by determining that the default

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## Parties

- **Judges:** ABNI RANJAN KUMAR…; HEMANT KUMAR…
- **Appellants:** Indiabulls…
- **Respondents:** Revital Reality…

## Timeline

- **2016-05-09 — Loan Disbur…**: Loan disbursed to Revital…
- **2016-05-09 — First De…**: First instance of default by…

## 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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