# In the matter of Roxina Real Estate Private Limited C.P. 848 OF 2021

> NCLT judgment dated 2023-02-03. Citation: TCN-2023-NCLT-04800. ICICI Home Finance Company Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 3 Feb 2023
- **Citation:** TCN-2023-NCLT-04800
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/roxina-real-estate-private-limited-cp-848-of-2021-6442dcd8

## Summary

### Background

ICICI Home Finance Company Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Roxina Real Estate Private Limited, the Corporate Debtor, due to an unresolved financial debt of Rs. 9,10,99,702. The Corporate Debtor had approached the Financial Creditor in 2015 for a credit facility, which was sanctioned. However, the Corporate Debtor defaulted on payments around November-December 2020. The Financial Creditor issued notices and recalled the loan facility. The Corporate Debtor denied the allegations, arguing that the default date was intended to bypass Section 10A of the IBC and that the Financial Creditor had not followed RBI guidelines. The Corporate Debtor also

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## Facts

In 2015, Roxina Real Estate Private Limited (Corporate Debtor) approached ICICI Home Finance Company Limited (Financial Creditor) for a credit facility to reimburse costs and finance a project. The Financial Creditor sanctioned a term loan, and a mortgage agreement was executed on 2015-09-23. The Corporate Debtor defaulted on installments around November-December 2020. The Financial Creditor issued a notice on 2021-02-19, referring to the defaults. A loan recall notice was issued on 2021-04-15, demanding Rs. 8,70,63,508/-. The Corporate Debtor claims the EMI was Rs. 1,39,91,851/- due on 2020-10-15, with a part payment of Rs. 30,39,231/- on 2021-01-08. The Corporate Debtor argues the default date falls within the Section 10A 'protected period' (2020-03-25 to

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor is maintainable under Section 7 of the …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Reasoning:** The Tribunal considered the arguments and evidence presented by both parties. It noted

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**Interpretation:** Section 7 provides the mechanism for financial creditors to trigger the

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**Application:** The Tribunal found that a financial debt existed and that the Corporate Debtor

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** ICICI Home…
- **Respondents:** Roxina Real…

## Timeline

- **2015-01-01 — Credit Facility…**: Roxina Real Estate Private Limited approached ICICI Home Finance Company Limited for a…
- **2015-09-23 — Mortgage Ag…**: Execution of mortgage agreement between ICICI Home Finance Company Limited and Roxina…

## 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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