# In the matter of Tridhaatu Builders LLP CP (IB) 311-MB-2020

> NCLT judgment dated 2023-02-10. Citation: TCN-2023-NCLT-04635. Mr. Dharmesh Kishore Chheda, the Financial Creditor/Petitioner, filed a Company Petition under…

- **Court:** NCLT
- **Order date:** 10 Feb 2023
- **Citation:** TCN-2023-NCLT-04635
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tridhaatu-builders-llp-cp-ib-311-mb-2020-18f62ff4

## Summary

### Background

Mr. Dharmesh Kishore Chheda, the Financial Creditor/Petitioner, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Tridhaatu Builders LLP, the Corporate Debtor/Respondent. The petition was filed on 20.01.2020, alleging that the Corporate Debtor defaulted on a loan of Rs. 4,50,50,000/- advanced by the Financial Creditor. The total amount claimed to be in default was Rs. 4,73,29,967/- along with 21% interest per annum from 01.08.2019. The Corporate Debtor argued against the maintainability of the petition, claiming lack of privity of contract and that the debt was time-barred. The Financial Creditor argued that the Corporate Debtor admitted the debt and that the

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## Facts

Mr. Dharmesh Kishore Chheda (Financial Creditor) filed a petition under Section 7 of the IBC against Tridhaatu Builders LLP (Corporate Debtor) seeking to initiate CIRP. The Financial Creditor claimed that the Corporate Debtor defaulted on a loan of Rs. 4,50,50,000/-. The total amount claimed to be in default was Rs. 4,73,29,967/- with 21% interest from 01.08.2019. The Corporate Debtor was incorporated on 30.08.2011 under the Limited Liability Partnership Act, 2008. The Financial Creditor submitted that the Corporate Debtor admitted the debt and issued cheques, which were later dishonored. The Corporate Debtor argued that there was no privity of contract between the parties and that the claim was time-barred. The Corporate Debtor relied on previous judgments in the case

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## Issues and analysis

### Issue 1: Whether the petition under Section 7 of the IBC is maintainable against the Corporate Debtor, …

**Ratio:** The principle of privity of contract dictates that only parties to a contract can enforce

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**Reasoning:** The NCLT observed that the Supplementary Retirement Deed, on which the Financial Creditor

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**Interpretation:** The interpretation of the Supplementary Retirement Deed and the relationship

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**Application:** In this case, the NCLT found that the Corporate Debtor was not a party to the

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Appellants:** Dharmesh Kishore…
- **Respondents:** Tridhaatu…

## Timeline

- **2011-08-30 — Incorporation of…**: Tridhaatu Builders LLP incorporated under the…
- **2020-01-20 — Filing of P…**: The Financial Creditor filed the present…

## 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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