# YES BANK LIMITED vs. M/s. Ideal Aurum Nirman LLP

> NCLT judgment dated 2026-09-30. Citation: TCN-2026-NCLT-01096. YES BANK LIMITED (Financial Creditor) filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 30 Sept 2026
- **Citation:** TCN-2026-NCLT-01096
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/ideal-aurum-nirman-llp-kioh7

## Summary

### Background

YES BANK LIMITED (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Ideal Aurum Nirman LLP (Corporate Debtor) due to a default in loan repayment. The Corporate Debtor had availed various credit facilities, including term loans and working capital, and subsequently defaulted, leading to its account being classified as a Non-Performing Asset (NPA). The Corporate Debtor filed an application (IA No. 441/KB/2026) seeking dismissal of the Section 7 petition, arguing that the Financial Creditor's simultaneous pursuit of recovery through Debt Recovery Tribunal (DRT) and SARFAESI Act proceedings indicated a lack of bona fide intent for insolvency

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## Facts

YES BANK LIMITED (Applicant/Financial Creditor) filed a Section 7 IBC application against M/s. Ideal Aurum Nirman LLP (Respondent/Corporate Debtor) to trigger Corporate Insolvency Resolution Process (CIRP).

YES BANK LIMITED is a public company and a banking company within the meaning of Section 5(C) of the Banking Regulation Act, 1949.

Mr. Ankit Tulshan, Executive Vice President, was duly authorized to file the application on behalf of Yes Bank.

M/s. Ideal Aurum Nirman LLP was incorporated on 06.05.2016.

The Corporate Debtor approached the Financial Creditor for availing loan facilities.

Srawan Kumar Himatsingka and Nakul Himatsingka were key figures ('livewire') of the Corporate Debtor and other group companies, representing them with the Financial Creditor.

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## Issues and analysis

### Issue 1: Whether pendency of application under Section 19 of the RDDBFI Act 1993 before DRT and initiation …

**Ratio:** Pendency of recovery proceedings under the RDDBFI Act, 1993, and SARFAESI Act, 2002, does

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**Reasoning:** The NCLT referred to Supreme Court judgments in Transcore vs. Union of India & Anr.

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**Interpretation:** The NCLT interpreted the legal position to mean that a financial creditor has

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**Application:** Applying these principles, the NCLT held that the pendency of proceedings under

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## Parties

- **Judges:** Labh S…; Rekha K…
- **Appellants:** Yes Bank L…
- **Respondents:** M/s. Ideal Aurum…
- **Other parties:** Bijay Mur…; Srawan Kumar…; +1 more
- **Advocates:** Ratnanko B…; Siddhartha…; +6 more

## Timeline

- **2016-05-06 — Corporate Debtor…**: M/s. Ideal Aurum Nirman…
- **2016-05-09 — Limited Liability…**: Limited Liability…

## 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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