# In the matter of Vikram Structures Private Limited C.P. (IB) No. 246-BB-2019

> NCLT judgment dated 2022-02-17. Citation: TCN-2022-NCLT-04092. The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 17 Feb 2022
- **Citation:** TCN-2022-NCLT-04092
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vikram-structures-private-limited-cp-ib-no-246-bb-2019-672624e5

## Summary

### Background

The case involves a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by India Asset Growth Fund and Vistra (ITCL) India Limited, acting as Financial Creditors, to initiate the Corporate Insolvency Resolution Process (CIRP) against Vikram Structures Private Limited, the Corporate Debtor. The Corporate Debtor is engaged in real estate development. The Financial Creditor No.1 subscribed to NCDs and disbursed Rs.22,00,00,000/- to the Borrower Company. The Corporate Debtor executed a Deed of Corporate Guarantee in favor of the Financial Creditors, guaranteeing the obligations of the Borrower Company. The Borrower Company defaulted in making payments as per the terms of the Transaction Documents, leading to the invocation of the Corporate

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## Facts

M/s. India Asset Growth Fund and M/s. Vistra (ITCL) India Limited, acting as Financial Creditors, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Vikram Structures Private Limited, the Corporate Debtor. The Corporate Debtor was incorporated on 29.04.2008 and is engaged in real estate development. The Financial Creditor No.1 is a trust registered as Category II AIF under SEBI Regulations and invested money into the Corporate Debtor through secured, unlisted, redeemable non-convertible debentures. M/s. VSPL Projects Private Limited (Borrower/Investee Company) issued 2200 senior, secured, redeemable, unlisted non-convertible debentures. The Financial Creditor

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## Issues and analysis

### Issue 1: Whether the present petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Reasoning:** The Adjudicating Authority considered the documents and submissions made by the Financial

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**Interpretation:** Section 7 provides the mechanism for financial creditors to trigger the

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**Application:** The Financial Creditors demonstrated that the Corporate Debtor had defaulted on

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## Parties

- **Judges:** Ajay Kumar…; Manoj Kumar…
- **Appellants:** India Asset…
- **Respondents:** Vikram Structures…

## Timeline

- **2008-04-29 — Incorporation of…**: Vikram Structures Private…
- **2015-10-21 — Disbursement…**: Financial Creditor No.1 disbursed…

## 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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