# In the matter of Trishul Dream Homes Limited CP (IB) No. 132-Chd-Hry-2022

> NCLT judgment dated 2023-06-16. Citation: TCN-2023-NCLT-02881. The petition was filed by Capriso Finance Limited and Siri In Fin Lease Pvt. Ltd. under Section…

- **Court:** NCLT
- **Order date:** 16 Jun 2023
- **Citation:** TCN-2023-NCLT-02881
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trishul-dream-homes-limited-cp-ib-no-132-chd-hry-2022-95e6de53

## Summary

### Background

The petition was filed by Capriso Finance Limited and Siri In Fin Lease Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Trishul Dream Homes Limited. The Financial Creditors claimed that the Corporate Debtor defaulted on a loan amount of Rs. 4,59,47,208.68. The Corporate Debtor is engaged in the real estate business and had been carrying on the development of Trishul Dream Homes. The Financial Creditors are non-banking financial companies providing financial services including loans. In December 2018, the Corporate Debtor approached the Financial Creditor for financial assistance, and the petitioner disbursed Rs. 2,83,50,000. The financial creditors acquired

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## Facts

Capriso Finance Limited and Siri In Fin Lease Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Trishul Dream Homes Limited. The Corporate Debtor is in the real estate business. The Financial Creditors are non-banking financial companies. In December 2018, the Corporate Debtor approached the Financial Creditor for financial assistance, and the petitioner disbursed Rs. 2,83,50,000. The financial creditors acquired shareholding in corporate debtor from shareholders. The Corporate Debtor stopped construction in December 2019 and is in litigation with home buyers and other financial creditors. The Financial Creditors issued a letter dated 21.05.2020 demanding the Corporate Debtor return its financial debt with

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## Issues and analysis

### Issue 1: Whether the present application …

**Ratio:** The limitation period for filing an application under Section 7 of the IBC is governed by

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**Reasoning:** The Adjudicating Authority considered the date of default as mentioned in the petition

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**Interpretation:** The interpretation of the limitation period involves determining the actual

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**Application:** The Adjudicating Authority concluded that the present petition was filed within

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Appellants:** Capriso Finance…
- **Respondents:** Trishul Dream…

## Timeline

- **2018-12-01 — Corporate Debtor…**: Trishul Dream Homes Limited approached…
- **2019-12-01 — Construction…**: Trishul Dream Homes…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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