# In the matter of Souvenir Developers (India) Private Limited

> NCLT judgment dated 2023-08-01. Citation: TCN-2023-NCLT-02245. The case involves an application filed by Samata Nagari Sahkari Patsanstha Maryadit, the…

- **Court:** NCLT
- **Order date:** 1 Aug 2023
- **Citation:** TCN-2023-NCLT-02245
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/souvenir-developers-india-private-limited-5a2f9030

## Summary

### Background

The case involves an application filed by Samata Nagari Sahkari Patsanstha Maryadit, the Financial Creditor, under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016. The applicant seeks directions to allow the present application and to amend Form-1, specifically regarding the date of default. The Corporate Debtor is Souvenir Developers (India) Private Limited. The initial petition, C.P.(IB) No. 1197 of 2022, was filed, and the respondent was proceeded against ex parte. The applicant seeks to amend the date of default from April 30, 2022, to October 1, 2022, based on the date of the demand notice issued to the Corporate Debtor.

## Facts

Samata Nagari Sahkari Patsanstha Maryadit, a Cooperative Society registered under the Maharashtra Cooperative Societies Act 1960, is the Financial Creditor. Souvenir Developers (India) Private Limited, a Private Limited Company incorporated under the Companies Act, 1956, is the Corporate Debtor. A credit facility of Rs. 1,00,00,000/- was availed by the Corporate Debtor vide a Loan Agreement dated March 3, 2022, repayable in 36 installments over 3 years. The first installment was due on April 30, 2022, but the Corporate Debtor defaulted. The Financial Creditor issued a demand notice on September 16, 2022, requesting payment within 15 days. The Financial Creditor initially stated the date of default as April 30, 2022, in the petition but sought to amend it to October 1,

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## Issues and analysis

### Issue 1: Whether the application to amend Form-1, specifically regarding the date of default, should be …

**Ratio:** The court has the discretion to allow amendments to pleadings if it does not materially

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**Reasoning:** The court considered the applicant's submission that the date of default should be

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**Interpretation:** This interprets the procedural rules regarding amendments to pleadings in

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**Application:** The court applied this principle to the specific facts, finding that amending

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** Samata Nagari…
- **Respondents:** Souvenir Developer…

## Timeline

- **2022-03-03 — Loan Agreeme…**: Loan Agreement executed between Samata Nagari Sahkari Patsanstha Maryadit and Souvenir…
- **2022-04-30 — Initial Du…**: First installment due date…

## 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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