# In the matter of Nilshikhaa Projects Limited

> NCLT judgment dated 2025-04-28. Citation: TCN-2025-NCLT-00990. HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 28 Apr 2025
- **Citation:** TCN-2025-NCLT-00990
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/nilshikhaa-projects-limited-15053ede

## Summary

### Background

HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nilshikhaa Projects Limited for initiation of Corporate Insolvency Resolution Process (CIRP). The petition was based on the corporate debtor's default in payment of outstanding dues.

## Facts

HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Nilshikhaa Projects Limited.

The petition was filed on 28.01.2025.

The outstanding dues of Rs.7,56,26,739.48ps. including interest as on 30.09.2024.

The Corporate Debtor availed credit facilities from the Financial Creditor through sanction letters dated 18.07.2018, 05.12.2018, 18.03.2020, 16.08.2020, and 08.09.2021.

The Corporate Debtor defaulted on 15.11.2022 in servicing the interest as well as in repayment of instalments.

The Financial Creditor served a Demand Notice dated 30.10.2024 U/s 13(2) of the SARFAESI Act, 2002 and a Legal Notice dated 06.11.2024.

…

## Issues and analysis

### Issue 1: Whether the petition filed under Section 7(2) of the Insolvency and Bankruptcy Code for initiation …

**Ratio:** The petition filed under section 7(2) of the Insolvency and Bankruptcy Code for

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**Reasoning:** The Adjudicating Authority found that the financial creditor had established a debt and

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**Interpretation:** The Adjudicating Authority has the power to admit a petition under Section 7 of

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**Application:** The Adjudicating Authority admitted the petition under Section 7 of the IBC,

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** HDFC Bank…; HDFC Bank L…
- **Respondents:** Nilshikhaa…; M/s Nilshikhaa…
- **Other parties:** NeSL…; Chaya G…
- **Advocates:** Rohit D…

## Timeline

- **2025-01-28 — Petition…**: The present Petition is filed on…
- **2022-11-15 — Date of D…**: Date of default is recorded as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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