# In the matter of Snehanjali and S.B. Developers Private Limited

> NCLT judgment dated 2025-01-24. Citation: TCN-2025-NCLT-00581. Hive Carbon-Zero Developers Private Limited filed IA (I.B.C) No. 192/MB/2025 under Section…

- **Court:** NCLT
- **Order date:** 24 Jan 2025
- **Citation:** TCN-2025-NCLT-00581
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/snehanjali-and-sb-developers-private-limited-cbd32002

## Summary

### Background

Hive Carbon-Zero Developers Private Limited filed IA (I.B.C) No. 192/MB/2025 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, seeking to set aside emails from the Resolution Professional (RP) rejecting their claim. The applicant, a majority shareholder of the Corporate Debtor (CD), had extended financial assistance to the CD, which was admitted into CIRP under Section 7 of the IBC. The RP rejected the applicant's claim due to issues with the Board Resolution, signatures on the Claim Form, and the claim not being considered a financial debt.

## Facts

Hive Carbon-Zero Developers Private Limited (Applicant) extended financial assistance to M/s. Snehanjali and S.B. Developers Private Limited (Corporate Debtor/CD) based on a request letter dated 19.07.2023. A loan agreement was executed on 28.07.2023 for Rs.68,00,00,000/- at 15% interest. The Applicant disbursed Rs.52,30,02,640/- on 28.07.2023. The CD was admitted into CIRP under Section 7 of the IBC. The Applicant submitted a claim as a financial debt on 11.06.2024 in Form C on 30.05.2024. The RP requested rectifications on 18.06.2024, which the Applicant complied with on 27.06.2024. The RP rejected the claim on 22.07.2024, citing the absence of a Board Resolution and authorized signatory. The Applicant provided an extract of the Board Resolution on 30.07.2024. The RP

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## Issues and analysis

### Issue 1: Whether the Applicant is a related party to the CD and therefore ineligible to make the claim under …

**Ratio:** Section 5(24) or 5(24A) of the IBC relating to related party is not in respect of

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**Reasoning:** The court found that the Applicant acted as a lender when the Applicant Company

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**Interpretation:** The court interpreted that being a related party does not automatically

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**Application:** The court applied this principle to the facts, finding that despite the common

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** HIVE CARBON-ZERO…
- **Respondents:** M/s. SNEHANJALI…; Dinesh Kuma…
- **Advocates:** Nausher…; Sanaya…; +3 more

## Timeline

- **2023-07-19 — CD's Request…**: The Corporate Debtor requested…
- **2023-07-28 — Loan Agreement…**: The Applicant and CD executed a loan…

## 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)

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