# In the matter of VAYU PUTRA CONSTRUCTIONS PRIVATE LIMITED

> NCLT judgment dated 2024-12-04. Citation: TCN-2024-NCLT-00102. M/S. Sadhana City Homes Pvt. Ltd. filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 4 Dec 2024
- **Citation:** TCN-2024-NCLT-00102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vayu-putra-constructions-private-limited-42b2877f

## Summary

### Background

M/S. Sadhana City Homes Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S. Vayu Putra Constructions Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed that the Corporate Debtor defaulted on a financial debt of Rs. 1,93,65,176.47/-, with the date of default being 20.05.2022. The Corporate Debtor argued that the default was due to the COVID-19 pandemic and sought more time to repay the debt. The Financial Creditor refuted this, stating that no payments had been made and the Corporate Debtor had admitted to being in default.

## Facts

M/S. Sadhana City Homes Pvt. Ltd. (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S. Vayu Putra Constructions Private Limited (Corporate Debtor). The application was filed on 21.10.2023. The Financial Creditor claimed a total financial debt of Rs. 1,93,65,176.47/-, with the date of default being 20.05.2022. The Corporate Debtor was incorporated on 06.09.2006 and is engaged in land aggregation and construction. In 2016, the Corporate Debtor approached the Financial Creditor for a loan for working capital. A loan agreement was signed on 01.05.2017, with an interest rate of 2% per month. The Financial Creditor issued payments totaling Rs. 1,10,00,000/- through RTGS. Due to the COVID-19 pandemic, the

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## Issues and analysis

### Issue 1: Whether the application is filed …

**Ratio:** The Insolvency and Bankruptcy Code, 2016, prescribes a limitation period for filing

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**Reasoning:** The Tribunal noted that the date of default was 20.05.2022, and the application was filed

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**Interpretation:** The limitation period is calculated from the date of default. An application

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**Application:** Since the application was filed on 21.10.2023, and the date of default was

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## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** M/S. SADHANA CITY…
- **Respondents:** M/S. VAYU PUTRA…

## Timeline

- **2006-09-06 — Incorporation of…**: M/S. Vayu Putra Constructions…
- **2016-01-01 — Corporate Debtor…**: In 2016, the Corporate Debtor approached the Financial Creditor for a loan for working…

## 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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