# In the matter of IVRCL CHANDRAPUR TOLLWAYS LIMITED

> NCLT judgment dated 2025-11-19. Citation: TCN-2025-NCLT-01848. Neuzen Finance Private Limited, the Financial Creditor, filed an application under Section 7 of…

- **Court:** NCLT
- **Order date:** 19 Nov 2025
- **Citation:** TCN-2025-NCLT-01848
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-hyderabad/ivrcl-chandrapur-tollways-limited-c20c5467

## Summary

### Background

Neuzen Finance Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against IVRCL Chandrapur Tollways Limited, the Corporate Debtor, for alleged default in repayment of debt.

## Facts

The Financial Creditor, Neuzen Finance Private Limited, filed an application under Section 7 of the IBC to initiate CIRP against IVRCL Chandrapur Tollways Limited.

The Corporate Debtor was incorporated on 21.10.2010 under the Companies Act, 1956.

A consortium of lenders, including Bank of India, Central Bank of India, Indian Overseas Bank, and Indian Infrastructure Finance Company Limited, sanctioned a loan amount of Rs 313.99 Crores to the Corporate Debtor under a Common Facility Agreement dated 12.09.2011.

The Lenders appointed IDBI Trusteeship Services Limited as their Security Trustee under a Security Trustee Agreement dated 12.09.2011.

…

## Issues and analysis

### Issue 1: Whether the assignment of debt to …

**Ratio:** Section 5(7) of the IBC defines a Financial Creditor as any person to whom a financial

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**Reasoning:** The assignment of debt is a transaction between the creditor and the assignee, and such

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**Interpretation:** The entity that receives the assigned debt squarely falls within the fold of a

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**Application:** The Adjudicating Authority held that the assignment of debt to Neuzen Finance

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Neuzen Finance…
- **Respondents:** IVRCL Chandrapur…
- **Other parties:** Neuzen Finance…; Piyush Kisanlal…
- **Advocates:** Mr.Bendi Ra…; Mr.G.Bh…

## Timeline

- **2010-10-21 — Incorpor…**: Corporate Debtor was incorporated…
- **2011-09-12 — Loan San…**: Lenders sanctioned a loan amount of Rs 313.99 Crores to the Corporate Debtor under a…

## 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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