# In the matter of Symphony Realtors Private Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-00347. Standard Capital Markets Ltd., the financial creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-00347
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/symphony-realtors-private-limited-1b2c6962

## Summary

### Background

Standard Capital Markets Ltd., the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process (CIRP) against Symphony Realtors Private Ltd., the corporate debtor. The petition stems from a loan facility originally availed by Veer Chemicals Pvt. Ltd. from Sammaan Capital Ltd. (SCL), later assigned to Standard Capital Markets Ltd. The loan was intended for construction activities and residential projects. SCL disbursed Rs. 150,00,00,000/- to Veer, secured by a mortgage of land and a deed of hypothecation. An addendum agreement extended the loan term to 05.10.2025, modifying payment terms. SCL assigned its rights to the financial creditor on 01.10.2024. The corporate debtor also

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## Facts

Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL) for construction activities. SCL sanctioned the loan, and a Loan Agreement was executed on 30.10.2018 for Rs. 150,00,00,000/-. SCL disbursed the amount on 02.11.2018. Symphony Realtors Private Ltd. (Corporate Debtor) and its sister concerns executed a Memorandum of Entry on 28.11.2020, creating a first-ranking mortgage in favor of SCL for land admeasuring 66.1326 acres. They also executed a Deed of Hypothecation. On 01.10.2020, SCL and Veer executed an Addendum Agreement extending the loan term to 05.10.2025 and modifying payment terms to uniform quarterly payments. SCL executed a Deed of Assignment on 01.10.2024 in favor of Standard Capital Markets Ltd. (Financial Creditor), assigning the

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC, 2016 is maintainable for initiation of …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Reasoning:** The Adjudicating Authority found that the Financial Creditor had provided sufficient

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**Interpretation:** Section 7 provides a mechanism for financial creditors to initiate CIRP when a

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**Application:** The Financial Creditor demonstrated the existence of a loan agreement,

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. CHARANJEET…
- **Appellants:** Standard Capital…
- **Respondents:** Symphony Realtors…

## Timeline

- **2018-10-30 — Loan Agreement…**: SCL and Veer Chemicals Pvt. Ltd. executed a…
- **2018-11-02 — Loan Disbur…**: SCL disbursed Rs.…

## 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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