# In the matter of Saluja Construction Co. Ltd.

> NCLT judgment dated 2023-12-07. Citation: TCN-2023-NCLT-00354. The case involves an application filed by a financial creditor, M/s. Sahil Holdings Private…

- **Court:** NCLT
- **Order date:** 7 Dec 2023
- **Citation:** TCN-2023-NCLT-00354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saluja-construction-co-ltd-a73deadb

## Summary

### Background

The case involves an application filed by a financial creditor, M/s. Sahil Holdings Private Limited, to revive a previously withdrawn Corporate Insolvency Resolution Process (CIRP) against the corporate debtor, M/s. Saluja Constructions Co. Ltd. The initial CIRP was initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, due to the corporate debtor's failure to repay a debt of Rs. 11,08,84,000/-. The petition was admitted on 29.08.2019. Subsequently, a settlement agreement was reached between the parties, leading to the withdrawal of the CIRP application on 05.09.2019, with liberty to revive the petition if the settlement terms were not met. The corporate debtor failed to fully comply with the settlement terms, leading to the current application

…

## Facts

M/s. Sahil Holdings Private Limited (Financial Creditor/Applicant) filed an application to revive CP(IB) No.1457/PB/2019 against M/s. Saluja Constructions Co. Ltd. (Corporate Debtor/Respondent). The initial petition was filed under Section 7 of the IBC, 2016, due to a default of Rs. 11,08,84,000/-. The petition was admitted on 29.08.2019. A settlement agreement was entered into on 02.09.2019, settling the total outstanding amount at Rs. 10,90,00,000/-, with Rs. 5,00,00,000/- paid upfront and the balance to be paid in installments. The initial petition was withdrawn on 05.09.2019, with liberty to revive if the settlement terms were not complied with. The Corporate Debtor repaid Rs. 1,00,00,000/- in December 2019 but failed to pay the remaining Rs. 4,90,00,000/-. A

…

## Issues and analysis

### Issue 1: Whether the application for revival of …

**Ratio:** The Adjudicating Authority has the power to revive a previously withdrawn CIRP

…

**Reasoning:** The Adjudicating Authority had previously granted the Applicant liberty to revive the

…

**Interpretation:** This confirms the principle that withdrawal of a CIRP application based on a

…

**Application:** Since the Corporate Debtor failed to comply with the settlement terms, the

…

## Parties

- **Judges:** BACHU VENKAT…; RAHUL BHA…
- **Appellants:** M/s. Sahil…
- **Respondents:** M/s. Saluja…

## Timeline

- **2019-08-29 — Initial Petition…**: The initial petition under Section 7 of the IBC, 2016, was admitted by the Adjudicating…
- **2019-09-02 — Settlement Ag…**: A settlement agreement was entered into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saluja-construction-co-ltd-a73deadb