# In the matter of Tridhaatu Asset-Holdings LLP

> NCLT judgment dated 2023-08-25. Citation: TCN-2023-NCLT-01928. 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-01928
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tridhaatu-asset-holdings-llp-a413644d

## 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, seeking the initiation of Corporate Insolvency Resolution Process (CIRP) against Tridhaatu Asset Holdings LLP, the Corporate Debtor. The petition was filed on 03.11.2022, claiming a default amount of Rs. 7,33,40,000 as of the same date. The date of default specified in Part IV of Form 1 is 24.10.2022. The financial arrangement was based on a Debenture Trust Deed (DTD) dated 04.02.2019, under which the Financial Creditor, acting as an investment manager for ASK Real Estate Special Situations Fund-I, subscribed to secured, rated, listed, cumulative, redeemable, non-convertible debentures issued

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## Facts

Ask Property Investment Advisors Private Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency & Bankruptcy Code, 2016 (IBC) against Tridhaatu Asset Holdings LLP (Corporate Debtor), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Company Petition was filed on 03.11.2022, claiming a default amount of Rs.7,33,40,000/- as of 03.11.2022, with the date of default specified as 24.10.2022. A Debenture Trust Deed (DTD) dated 04.02.2019 was executed among the Principal Debtor, Corporate Debtor, and the Applicant Financial Creditor. The Financial Creditor acted as the investment manager for ASK Real Estate Special Situations Fund-I. The Fund agreed to subscribe to 4400 secured, rated, listed, cumulative, redeemable,

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor owes a financial debt …

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

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**Reasoning:** The NCLT considered the Debenture Trust Deed, the Exit Agreement, and the notices issued

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**Interpretation:** The existence of a financial debt and a default are prerequisites for

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**Application:** The NCLT applied the provisions of Section 7 to the facts of the case, finding

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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 that the NCDs would…

## 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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