# Asset Reconstruction Company (India) Limited vs. ACCIL Corporation Private Limited

> NCLT judgment dated 2025-10-15. Citation: TCN-2025-NCLT-01503. Asset Reconstruction Company (India) Limited filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 15 Oct 2025
- **Citation:** TCN-2025-NCLT-01503
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/asset-reconstruction-company-india-limited-vs-accil-corporation-private-limited-244yr

## Summary

### Background

Asset Reconstruction Company (India) Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking Corporate Insolvency Resolution Process (CIRP) of ACCIL Corporation Pvt. Ltd. due to default in payment of Rs. 107,18,81,910/-.

## Facts

Asset Reconstruction Company (India) Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The application seeks Corporate Insolvency Resolution Process (CIRP) of ACCIL Corporation Pvt. Ltd.

The application is based on a default in payment of Rs. 107,18,81,910/-.

The Indian Overseas Bank Limited originally sanctioned a Term Loan Facility of Rs. 50,00,00,000/- to the Corporate Debtor on 18.04.2011.

Bank assigned the Term Loan along with all rights, title, and interest to ARCIL on 07.03.2024.

The Corporate Debtor approached a syndicate of Banks consisting of Corporation Bank, Central Bank of India, Indian Bank, Karur Vyas Bank, and Indian Overseas Bank for credit facilities to construct a five-star deluxe hotel.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of …

**Ratio:** Continuous acknowledgment of liability in the Financial Statements by an entity will

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**Reasoning:** The Corporate Debtor has continuously acknowledged its liability in its financial

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**Interpretation:** The judgment of the Hon'ble Apex Court states it is no more Res integra that

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**Application:** The Adjudicating Authority is of the opinion that the captioned Company

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** Asset Reconstructi…
- **Respondents:** ACCIL Corporation…
- **Other parties:** Pradeep Ag…; Ram Kumar A…; +3 more
- **Advocates:** Shivangshu…; Akanksha…; +2 more

## Timeline

- **18.04.2011 — Sanction of T…**: Indian Overseas Bank Limited sanctioned a Term Loan Facility of Rs. 50,00,00,000/- to the…
- **07.03.2024 — Assignment of…**: Bank assigned the Term Loan along with all…

## 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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