# Aditya Birla Capital Limited vs. Spectra India Eco Projects Private Limited

> NCLT judgment dated 2026-05-18. Citation: TCN-2026-NCLT-00520. Aditya Birla Capital Limited (Financial Creditor) filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 18 May 2026
- **Citation:** TCN-2026-NCLT-00520
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/aditya-birla-capital-limited-vs-spectra-india-eco-projects-private-limited-ljzjl

## Summary

### Background

Aditya Birla Capital Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Spectra India Eco Projects Private Limited (Corporate Debtor) for initiating the Corporate Insolvency Resolution Process (CIRP). The petition was filed due to a default of Rs. 7,47,59,548/-. The Financial Creditor had sanctioned a loan of Rs. 20 Crores, of which Rs. 16,33,33,337/- was disbursed. The loan was secured by a mortgage, hypothecation of assets, an escrow agreement, and personal guarantees. The Corporate Debtor defaulted on equated monthly instalments (EMIs) from November 2024, leading to the loan account being classified as a Non-Performing Asset (NPA) on 13.12.2024. Subsequently, recall and demand notices were issued

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## Facts

Aditya Birla Capital Limited (Financial Creditor) filed a petition under Section 7 of the IBC against Spectra India Eco Projects Private Limited (Corporate Debtor).

The petition seeks initiation of Corporate Insolvency Resolution Process (CIRP) for a default of Rs. 7,47,59,548/-.

The Financial Creditor sanctioned a loan of Rs. 20,00,00,000/- to the Corporate Debtor via a sanction letter dated 25.03.2021.

An amount of Rs. 16,33,33,337/- was disbursed to the Corporate Debtor.

A Facility Agreement was executed on 27.03.2021.

A Memorandum of Entry (Deposit of Title Deeds) dated 31.03.2021 was executed by the Corporate Debtor and Co-Borrowers (Amor Estates Private Limited, APIS Realtors Private Limited), creating a mortgage.

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## Issues and analysis

### Issue 1: Whether a 'Financial Debt' of a sum exceeding rupees one crore due and payable by the Corporate …

**Ratio:** For a petition filed under Section 7 of the IBC to succeed, the Financial Creditor must

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**Reasoning:** The Adjudicating Authority relied on the Supreme Court's ruling in Innoventive Industries

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**Interpretation:** Section 7 of the IBC, read with Rule 4 of the Insolvency and Bankruptcy

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**Application:** The Corporate Debtor availed financial assistance from the Financial Creditor,

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** ADITYA BIRLA…
- **Respondents:** Spectra India Eco…
- **Other parties:** Suhasini A…
- **Advocates:** Bendi Rav…; Jaisvika…; +1 more

## Timeline

- **2021-02-27 — Guarantees E…**: Deeds of Guarantees…
- **2021-03-25 — Loan Sanc…**: Financial Creditor sanctioned a loan of Rs. 20,00,00,000/- to Corporate Debtor via…

## 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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