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

> NCLT judgment dated 2023-08-01. Citation: TCN-2023-NCLT-02227. The case involves an application filed by Samata Nagari Sahkari Patsanstha Maryadit, the…

- **Court:** NCLT
- **Order date:** 1 Aug 2023
- **Citation:** TCN-2023-NCLT-02227
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/souvenir-developers-india-private-limited-6c8f4459

## 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 to amend Form-1 to change the date of default. The Corporate Debtor, Souvenir Developers (India) Private Limited, defaulted on the first installment due on 30.04.2022. The applicant contends that the date of default should be reckoned from the date of the demand notice, which was sent on 16.09.2022, making the payment due within 15 days, thus the date of default should be 01.10.2022 instead of 30.04.2022 as originally stated in the petition.

## Facts

Samata Nagari Sahkari Patsanstha Maryadit Kopargaon (Applicant) is a Cooperative Society registered under the Maharashtra Cooperative Societies Act 1960. Souvenir Developers (India) Private Limited (Respondent) is a Private Limited Company incorporated under the Companies Act, 1956. A credit facility of Rs. 1,00,00,000/- was availed by the Respondent vide Loan Agreement dated 03.03.2022 for a period of 3 years repayable in 36 installments from the date of the Loan Agreement. The first installment fell due on 30.04.2022, but the Respondent defaulted. The Applicant issued a demand notice on 16.09.2022, requiring payment within 15 days. The Applicant initially stated the date of default as 30.04.2022 in the petition but sought to amend it to 01.10.2022, based on the

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## Issues and analysis

### Issue 1: Whether the amendment to Form-1, changing the date of default from 30.04.2022 to 01.10.2022, should …

**Ratio:** The court has the discretion to allow amendments to pleadings if they do not

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**Reasoning:** The court considered the applicant's argument that the amendment would not change the

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**Interpretation:** This interpretation highlights the court's power to allow amendments to correct

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**Application:** The court applied this principle by allowing the amendment to the date of

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## Parties

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

## Timeline

- **2022-03-03 — Loan Agreeme…**: Loan Agreement between Samata Nagari Sahkari Patsanstha Maryadit and Souvenir Developers…
- **2022-04-30 — First Installment Due…**: First installment due for payment by…

## 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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