# In the matter of Symphony Realtors Private Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-00354. Standard Capital Markets Ltd. initiated corporate insolvency resolution process (CIRP) against…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-00354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/symphony-realtors-private-limited-5f7c173e

## Summary

### Background

Standard Capital Markets Ltd. initiated corporate insolvency resolution process (CIRP) against Symphony Realtors Private Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petition stems from a financial debt arising from loan facilities originally sought 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 building residential projects. SCL disbursed Rs. 150,00,00,000/- to Veer, supported by a mortgage on land and a Deed of Hypothecation. An addendum agreement extended the loan term. The financial creditor (FC) claims default on an EMI payment due on 05.10.2024, leading to the CIRP application.

## Facts

Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL) for construction activities. SCL sanctioned and disbursed Rs. 150,00,00,000/- to Veer on 02.11.2018. Symphony Realtors Private Ltd. (Corporate Debtor/CD) and other sister concerns executed a Memorandum of Entry on 28.11.2020, creating a mortgage in favor of SCL on land admeasuring 66.1326 acres. SCL and Veer executed an Addendum Agreement on 01.10.2020, extending the loan term to 05.10.2025. SCL executed a Deed of Assignment on 01.10.2024, assigning its rights to Standard Capital Markets Ltd. (Financial Creditor/FC). On 05.10.2024, Veer and the CD were obligated to pay an EMI of Rs. 10,63,47,656/- towards principal and Rs. 1,32,93,457/- towards interest but failed to do so. The FC issued a

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## Issues and analysis

### Issue 1: Whether the application under Section …

**Ratio:** The adjudicating authority must admit the application if it is satisfied that a default

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**Reasoning:** The NCLT relied on the Supreme Court's judgment in Innoventive Industries, which states

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**Interpretation:** The IBC mandates the admission of an application under Section 7 if a financial

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**Application:** The NCLT found that a financial debt existed, and the Corporate Debtor had

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## Parties

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

## Timeline

- **2018-10-30 — Loan Agre…**: SCL and Veer entered into a Loan…
- **2018-11-02 — Disbursement…**: 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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