# In the matter of Silver-East Infrastructure Private Limited

> NCLT judgment dated 2025-01-30. Citation: TCN-2025-NCLT-00548. Eduskill Learning Pvt. Ltd. (Financial Creditor) filed a Company Petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 30 Jan 2025
- **Citation:** TCN-2025-NCLT-00548
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/silver-east-infrastructure-private-limited-a6eedbe3

## Summary

### Background

Eduskill Learning Pvt. Ltd. (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Silver-East Infrastructure Pvt. Ltd. (Corporate Debtor). The claim was for Rs. 15,86,91,658/-, comprising principal and interest, arising from a Memorandum of Understanding (MOU) where the Corporate Debtor was to assist in acquiring land for the Financial Creditor. The Corporate Debtor failed to acquire the land within the stipulated time, leading to the Financial Creditor demanding repayment of the advance amount with interest. A settlement agreement was also entered into, but the Corporate Debtor failed to adhere to its terms.

## Facts

In 2015, Eduskill Learning Pvt. Ltd. (Financial Creditor) sought to acquire land for an educational institute and engaged Silver-East Infrastructure Pvt. Ltd. (Corporate Debtor) for assistance. A Memorandum of Understanding (MOU) was signed on 2015-08-18, requiring the Corporate Debtor to acquire land within 36 months. The Financial Creditor paid an initial advance of Rs. 6,81,00,000/-. The Corporate Debtor failed to acquire the land within the stipulated time. The Financial Creditor granted extensions until 2020-02-18. A Settlement Agreement was executed on 2021-01-05, outlining payment terms of Rs. 6 Crore, with installments due on 2021-08-31 and 2021-11-30. The Corporate Debtor defaulted on the first installment. The Financial Creditor issued a notice on 2021-09-03,

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## Issues and analysis

### Issue 1: Whether the debt owed by the Corporate Debtor qualifies as a 'financial debt' under Section 5(8) of …

**Ratio:** The essential ingredient of a financial debt is disbursal against the consideration for

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**Reasoning:** The court reasoned that the advance was intended to fund the acquisition of land, not as

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**Interpretation:** The term 'financial debt' includes debts disbursed against consideration for

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**Application:** The court applied the ratio to the facts, noting that the advance was meant to

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** Eduskill Learning…
- **Respondents:** Silver-East…

## Timeline

- **2015-08-18 — MOU Sign…**: Memorandum of Understanding (MOU) signed between Eduskill Learning Pvt. Ltd. and…
- **2015-08-21 — Advance P…**: Eduskill Learning Pvt. Ltd. disbursed Rs. 6,81,00,000/- to Silver-East Infrastructure…

## 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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