# IL & FS FINANCIAL SERVICES LIMITED vs. CHAKRADHARI PROPERTIES PRIVATE LIMITED

> NCLT judgment dated 12 Nov 2025. Citation: TCN-2025-NCLT-01654. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by IL & FS…

- **Court:** NCLT
- **Order date:** 12 Nov 2025
- **Citation:** TCN-2025-NCLT-01654
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/il-fs-financial-services-limited-vs-chakradhari-properties-private-limited-38152e92

## Summary

### Background

The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by IL & FS Financial Services Limited ('Financial Creditor/Applicant'), seeking initiation of the Corporate Insolvency Resolution Process (‘CIRP') against M/s Chakradhari Properties Private Limited (‘Corporate Debtor/Respondent'). The Financial Creditor seeks to initiate CIRP against the Corporate Debtor for defaulting on a payment of Rs. 234,35,74,411/-.

## Facts

IL & FS Financial Services Limited ('Financial Creditor/Applicant') filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (‘CIRP') against M/s Chakradhari Properties Private Limited (‘Corporate Debtor/Respondent').

The Corporate Debtor i.e., M/s Chakradhari Properties Private Limited was incorporated on 31.10.2005.

The present application was filed on 06.08.2025 before this Adjudicating Authority on the ground that the Corporate Debtor has defaulted to make a payment of a sum of Rs. 234,35,74,411/-.

The Respondent is a Corporate Guarantor to the Principal Borrower i.e., M/s Ansal Properties and Infrastructure Limited.

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## Issues and analysis

### Issue 1: Whether the petition falls within the ambit of Section 7, requiring affirmation of a “financial …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Reasoning:** The Adjudicating Authority reviewed records showing the Applicant extended credit

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**Interpretation:** Section 3(12) defines 'default' as non-payment of debt, and Section 5(8)

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**Application:** The analysis of the facts against the definitions in the IBC confirms the

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** IL & FS Financial…
- **Respondents:** Chakradhari…
- **Other parties:** Insolvency and…; Corporate…; +4 more
- **Advocates:** Gopal…; Satendra Ku…; +1 more

## Timeline

- **2005-10-31 — Incorporation of…**: M/s Chakradhari Properties…
- **2016-10-26 — Sanction…**: Applicant had granted a term loan facility of Rs.100,00,00,000/- vide its sanction letter…

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