# In the matter of Tulsaini Constructions and Developers Private Limited

> NCLT judgment dated 2024-02-08. Citation: TCN-2024-NCLT-02700. An application was filed by M/s Ananya Infraventures Private Limited under Section 7 of the…

- **Court:** NCLT
- **Order date:** 8 Feb 2024
- **Citation:** TCN-2024-NCLT-02700
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/tulsaini-constructions-and-developers-private-limited-0a6897a0

## Summary

### Background

An application was filed by M/s Ananya Infraventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Tulsiani Constructions & Developers Private Limited, claiming a default of INR 3,18,37,033/-. The applicant claimed this amount was comprised of a principal amount of INR 1,34,74,800/- and interest. The corporate debtor (CD) argued that there was no financial debt, and the amount received was a token advance for purchasing agricultural land for a joint infrastructure project, which the applicant failed to honor, leading to forfeiture of the advance. The CD also contended that the application was barred by limitation.

## Facts

M/s Ananya Infraventures Private Limited (Applicant) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Tulsiani Constructions & Developers Private Limited (Corporate Debtor) claiming a default of INR 3,18,37,033/-. The Applicant claimed to have extended an unsecured loan of INR 1,89,12,800/- to the CD in 2012. The CD denied the existence of any financial debt, stating that the amount was received as a token advance for purchasing agricultural land for a joint infrastructure project, which the Applicant failed to honor, leading to forfeiture of the advance. The Applicant had given the property bearing Plot No.3, Block N, Green Park (Main), New Delhi-110016 on lease for monthly rent of INR 30,000/- to the CD. The Applicant

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## Issues and analysis

### Issue 1: Whether the Applicant has been able to prove the …

**Ratio:** A 'financial contract' means a contract between a corporate debtor and a financial

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**Reasoning:** The court found no formal agreement between the Applicant and the CD regarding the

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**Interpretation:** The existence of a financial debt requires a clear agreement outlining the

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**Application:** The Applicant failed to provide a formal agreement or sufficient documentation

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** Ananya Infraventur…
- **Respondents:** Tulsiani Construct…; Tulsiani Construct…
- **Advocates:** Ashish…; Deepak Gi…; +2 more

## Timeline

- **2012-01-01 — Loan Ext…**: Applicant extended an unsecured loan of…
- **2012-07-01 — Adjustment…**: Applicant allegedly adjusted…

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