# In the matter of Supertech ORB Project Private Limited

> NCLT judgment dated 2023-10-13. Citation: TCN-2023-NCLT-01215. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 13 Oct 2023
- **Citation:** TCN-2023-NCLT-01215
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supertech-orb-project-private-limited-73dd8b83

## Summary

### Background

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Assets Care and Reconstruction Enterprise Limited (Trustee of India Real Estate 2021 Trust) against Supertech ORB Project Private Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was triggered by defaults in a Facility Agreement dated 20.12.2017, where Altico Capital Limited (later assigned to Assets Care) sanctioned Rs. 430,00,00,000/- to Supertech ORB. The corporate debtor defaulted on repayments, leading to the issuance of default notices and eventually, an acceleration and enforcement notice. A settlement agreement was

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## Facts

1. A Facility Agreement dated 20.12.2017 was executed between Altico Capital Limited and Supertech ORB Project Private Limited, where Altico sanctioned Rs. 430,00,00,000/-.
2. Rs. 349,36,07,801/- was disbursed with a 17% p.a. interest rate.
3. The principal loan was to be repaid in 12 equated monthly installments.
4. Default interest rate of 4% p.a. was applicable on overdue amounts.
5. Altico Capital Limited issued a Covenant Default Notice on 21.11.2019 and subsequent Payment Default Notices.
6. Altico Capital Limited executed an Assignment Agreement on 04.03.2021, transferring rights to Assets Care and Reconstruction Enterprise Limited.
7. An Acceleration and Enforcement Notice was issued on 06.09.2021 for Rs. 357,46,85,097/-.
8. A Settlement Agreement dated 29.9.2021 was

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor is admissible given the existing CIRP …

**Ratio:** The principle established in Dr. Vishnu Kumar Agarwal vs M/S Piramal Enterprises Ltd-

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**Reasoning:** The NCLT reasoned that the CIRP against Supertech Limited was initiated by a different

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**Interpretation:** This interprets that the 'same financial creditor' cannot file multiple

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**Application:** Since Assets Care and Reconstruction Enterprise Limited is a different

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Assets Care &…
- **Respondents:** Supertech ORB…

## Timeline

- **2017-12-20 — Facility Ag…**: Facility Agreement executed between Altico Capital Limited and Supertech ORB Project…
- **2019-11-21 — Covenant Defau…**: Altico Capital Limited issued…

## 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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