# In the matter of Tridhaatu Asset-Holdings LLP

> NCLT judgment dated 2023-08-25. Citation: TCN-2023-NCLT-01923. This case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 25 Aug 2023
- **Citation:** TCN-2023-NCLT-01923
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tridhaatu-asset-holdings-llp-5a341551

## Summary

### Background

This case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Ask Property Investment Advisors Private Limited ("the Financial Creditor") against Tridhaatu Asset Holdings Llp ("the Corporate Debtor"), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition claims a default of Rs. 7,33,40,000 as of November 3, 2022, with the date of default specified as October 24, 2022. The Financial Creditor, acting as an investment manager for ASK Real Estate Special Situations Fund-I, had subscribed to secured, rated, listed, cumulative, redeemable, non-convertible debentures issued by the Principal Debtor under a Debenture Trust Deed (DTD) dated February 4, 2019. An Exit Agreement dated

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## Facts

Ask Property Investment Advisors Private Limited, acting as the Financial Creditor, filed a petition under Section 7 of the IBC against Tridhaatu Asset Holdings Llp, the Corporate Debtor, seeking initiation of CIRP due to a default of Rs. 7,33,40,000 as of November 3, 2022. The default stemmed from the Principal Debtor's failure to redeem non-convertible debentures (NCDs) as per the Debenture Trust Deed (DTD) dated February 4, 2019, and an Exit Agreement dated September 27, 2021. The Financial Creditor, acting as an investment manager for ASK Real Estate Special Situations Fund-I, had subscribed to these NCDs. The Exit Agreement stipulated that the NCDs would be redeemed by December 30, 2021, but the Principal Debtor failed to do so. Consequently, a Default Notice was

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on its obligations under the Debenture Trust Deed and the …

**Ratio:** The legal principle is that a corporate debtor is considered to be in default if it fails

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**Reasoning:** The NCLT reasoned that the Principal Debtor failed to redeem the NCDs and make payment of

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**Interpretation:** The interpretation of the Debenture Trust Deed and the Exit Agreement is

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**Application:** In this case, the NCLT applied the ratio to the facts by considering the terms

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Ask Property…
- **Respondents:** Tridhaatu Asset…
- **Advocates:** Chetan Ka…; Bhavik…; +2 more

## Timeline

- **2019-02-04 — Debenture Trust Deed…**: Debenture Trust Deed executed amongst the Principal Debtor, Corporate Debtor, and the…
- **2021-09-27 — Exit Agre…**: Exit Agreement executed modifying the terms of the DTD, stipulating NCD redemption by…

## 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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