# In the matter of Taksha Spaces Private Limited CP (IB) 1268-MB-2021

> NCLT judgment dated 2022-11-25. Citation: TCN-2022-NCLT-00322. Birmecha Investments Private Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Nov 2022
- **Citation:** TCN-2022-NCLT-00322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/taksha-spaces-private-limited-cp-ib-1268-mb-2021-c424aa5f

## Summary

### Background

Birmecha Investments Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Taksha Spaces Private Limited, the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor defaulted on a financial assistance of Rs. 5,00,00,000/-. The Corporate Debtor is a private company incorporated on 04/08/2009. The Financial Creditor sanctioned the financial assistance by way of Term Sheet. The Corporate Debtor acknowledged receiving Rs.3,00,00,000/- and agreed to repay the sanctioned amount of Rs.5 crore along with interest. The Corporate Debtor also requested for extension of time for repayment of debt, which was accepted by the Financial Creditor. The

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## Facts

Birmecha Investments Private Limited (Financial Creditor) sought to initiate Corporate Insolvency Resolution Process (CIRP) against Taksha Spaces Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The Corporate Debtor is a private company incorporated on 04/08/2009. The Financial Creditor sanctioned financial assistance of Rs.5,00,00,000/- to the Corporate Debtor as per a Term Sheet. The Corporate Debtor was obligated to pay interest at 14% p.a., with an additional 3% on default. The repayment due date was 30.06.2016. The Corporate Debtor's directors, Mr. Kinner Kanu Nayak and Mrs. Rita Kinner Nayak, provided a guarantee and security via a Deed of Mortgage dated 17.02.2016. A Bill of Exchange dated 15.02.2016 was

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## Issues and analysis

### Issue 1: Whether the application made by the Financial Creditor is complete in all respects as required by …

**Ratio:** The application made by the Financial Creditor is complete in all respects as required by

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**Reasoning:** The Adjudicating Authority found that the application made by the Financial Creditor is

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**Interpretation:** The application made by the Financial Creditor is complete in all respects as

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**Application:** The application made by the Financial Creditor is complete in all respects as

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Birmecha Investmen…
- **Respondents:** Taksha Spaces…

## Timeline

- **2009-08-04 — Incorporation of…**: Taksha Spaces Private Limited…
- **2016-02-17 — Deed of Mo…**: Deed of Mortgage entered into between the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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