# MRS. KARUNA CHATURVEDI vs. AAKRITI LANDCON PRIVATE LIMITED

> NCLT judgment dated 2026-07-24. Citation: TCN-2026-NCLT-00627. Mrs. Karuna Chaturvedi (Financial Creditor) filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 24 Jul 2026
- **Citation:** TCN-2026-NCLT-00627
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/mrs-karuna-chaturvedi-vs-aakriti-landcon-private-limited-cr70m

## Summary

### Background

Mrs. Karuna Chaturvedi (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Aakriti Landcon Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The petition was based on a default in payment of Rs. 1,28,87,000/-, which included principal and interest. A loan agreement for Rs. 76,00,000/- was executed on 01.09.2022, with an agreed interest rate of 18% per annum and a grace period for repayment until 30.09.2025. The Corporate Debtor disputed the nature of the debt as 'financial debt', the enforceability of the loan agreement due to insufficient stamp duty, the satisfaction of the threshold limit for Section 7, the levy of penal interest, and contended that the

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## Facts

Mrs. Karuna Chaturvedi (Petitioner/Financial Creditor) extended financial assistance to Aakriti Landcon Private Limited (Respondent/Corporate Debtor) in the ordinary course of business.

The Corporate Debtor approached the Financial Creditor in 2022 for a loan facility for business purposes.

A loan agreement for Rs. 76,00,000/- was executed on 01.09.2022 between the Financial Creditor and the Corporate Debtor, acting through its Director, Shri Naresh Sharma.

Under the loan agreement, the principal amount was repayable in a lump sum with 18% p.a. simple interest on or before 31.08.2025, subject to a grace period extending up to 30.09.2025.

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## Issues and analysis

### Issue 1: Whether the amount disbursed by the Petitioner qualifies as "financial debt" under …

**Ratio:** A transaction involving the disbursal of money against the consideration for the time

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**Reasoning:** The Financial Creditor produced a written Loan Agreement, tabulated statements of

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**Interpretation:** Section 5(8) of the IBC broadly defines 'financial debt' to include any debt

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**Application:** Given the admitted disbursal of money under a loan agreement with stipulated

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## Parties

- **Judges:** Reeta K…; Kavita Bha…
- **Appellants:** KARUNA CHAT…
- **Respondents:** AAKRITI LANDCON…
- **Other parties:** Naresh S…; Babu Lal…
- **Advocates:** Krishnaveer…; Naman Y…; +3 more

## Timeline

- **2022-09-01 — Loan Agreement…**: Loan Agreement for Rs. 76,00,000/- executed between Financial Creditor and Corporate…
- **2022-09-15 — Second Disbu…**: Second tranche of Rs. 15,00,000/-…

## 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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