# In the matter of Sri Khodiar Realtech Syndication Private Limited

> NCLT judgment dated 2023-10-20. Citation: TCN-2023-NCLT-01043. The case involves a petition filed by VSJ Investments Private Limited (VSJIPL) under Section 7…

- **Court:** NCLT
- **Order date:** 20 Oct 2023
- **Citation:** TCN-2023-NCLT-01043
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sri-khodiar-realtech-syndication-private-limited-9c3deca2

## Summary

### Background

The case involves a petition filed by VSJ Investments Private Limited (VSJIPL) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Sri Khodiar Realtech Syndication Private Limited, the Corporate Debtor. The petition arises from a corporate guarantee provided by Sri Khodiar Realtech for a loan facility availed by Silver Land Development Corporation and Sri Harsh Developers from Dewan Housing Finance Limited (DHFL), which was later assigned to VSJ Investments. The Financial Creditor claimed default on the loan, leading to the filing of the petition.

## Facts

Dewan Housing Finance Limited (DHFL) provided loan facilities to Silver Land Development Corporation and Sri Harsh Developers. Sri Khodiar Realtech Syndication Private Limited acted as a corporate guarantor for the loan. DHFL was admitted into CIRP on 03.12.2019, and a resolution plan was approved on 07.06.2021, leading to a reverse merger with Piramal Capital & Housing Finance Company. The loan was assigned to VSJ Investments Private Limited (VSJIPL) on 07.06.2023. The date of default was initially stated as 11.12.2017. The Financial Creditor claimed an amount of Rs.859,94,92,110/- as of 19.04.2022. The Corporate Debtor argued that the disbursed amount was routed back to the Financial Creditor's account on the same date. The Financial Creditor issued a recall

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor is barred by Section 10A of the Insolvency and …

**Ratio:** Section 10A of the IBC provides a suspension period during which no application for

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**Reasoning:** The NCLT observed that the invocation notice dated 12.02.2021 falls within the period of

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**Interpretation:** Section 10A is interpreted strictly to prevent the initiation of CIRP for

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**Application:** The NCLT found that the Financial Creditor failed to provide conclusive

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## Parties

- **Judges:** KISHORE VEMULAPALL…; Anu Jagmoha…
- **Appellants:** VSJ Investments…
- **Respondents:** Khodiar Realtech…

## Timeline

- **2019-12-03 — DHFL admitted…**: Dewan Housing Finance Limited (DHFL) was admitted into Corporate Insolvency Resolution…
- **2021-06-07 — Resolution Plan…**: A Resolution Plan submitted by the Financial Creditor was approved by the Tribunal,…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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