# In the matter of Vikram Structures Private Limited

> NCLT judgment dated 2024-02-15. Citation: TCN-2024-NCLT-02577. This case involves an application (I.A No.115/2023) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 15 Feb 2024
- **Citation:** TCN-2024-NCLT-02577
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vikram-structures-private-limited-0bb1c1d7

## Summary

### Background

This case involves an application (I.A No.115/2023) filed by the Resolution Professional (RP) of Vikram Structures Private Limited under CIRP, seeking orders related to a loan availed by Respondents No. 2 and 3 from LIC Housing Finance Limited (Respondent No. 1). The RP contends that the Respondents No. 2 and 3 used funds from the Corporate Debtor (Vikram Structures Private Limited) to make payments towards the purchase of a property mortgaged to Respondent No. 1. The RP seeks to recover any excess amount realized from the sale of the Schedule Property after the payment of loan, to be credited to the Corporate Debtor. The CoC has opted for liquidation of the CD.

## Facts

India Asset Growth Fund and Anr. is the Financial Creditor. Vikram Structures Private Limited is the Corporate Debtor, currently under CIRP. Mr. Surender Devansani is the Resolution Professional (RP). LIC Housing Finance Limited is Respondent No. 1. Respondents No. 2 and 3 are Byrareddy Gummareddy Aishwarya and Mr. Vikram Prabhakar, respectively. Respondents No. 2 and 3 availed a loan from Respondent No. 1, securing it with a Schedule Property. Part payments for the property were made from the Corporate Debtor's account. Respondent No. 1 issued a Loan Recall Notice due to defaults. The RP contends that the Schedule Property was purchased using funds from the Corporate Debtor. The RP is seeking to recover funds siphoned off by Respondents No. 2 and 3. The CoC has opted

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## Issues and analysis

### Issue 1: Whether the excess amount realized from the sale of the Schedule Property, after the payment of …

**Ratio:** The object of the Code is to ensure that there should be no depletion of Corporate

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**Reasoning:** The Tribunal relied on the admission of Respondent No.2 that the payment for the loan

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**Interpretation:** The interpretation of the IBC emphasizes the protection and preservation of the

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**Application:** Since the payments for the purchase of the schedule property were made from the

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## Parties

- **Judges:** K. Bi…; Manoj Kumar…
- **Appellants:** India Asset…
- **Respondents:** Vikram Structures…; LIC Housing…

## Timeline

- **2017-10-01 — Loan Disbursement and…**: An amount of Rs.5,22,00,000/- was disbursed under the Loan Account. Part payments were…
- **2020-11-01 — End of Part P…**: Part-payment of loan amounts was made until…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(4) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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