# Sammaan Capital Limited vs. Parsvnath Developers Limited

> NCLT judgment dated 30 Apr 2026. Citation: TCN-2026-NCLT-00538. Sammaan Capital Limited, as a Financial Creditor (FC), initiated a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 30 Apr 2026
- **Citation:** TCN-2026-NCLT-00538
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/sammaan-capital-limited-vs-parsvnath-developers-limited-wwn4o

## Summary

### Background

Sammaan Capital Limited, as a Financial Creditor (FC), initiated a Corporate Insolvency Resolution Process (CIRP) against Parsvnath Developers Limited, the Corporate Debtor (CD), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC). The CD, a real estate company, had availed multiple loans from the FC between 2018 and 2020 for construction and development projects. The CD first defaulted on repayments in 2022 and again in July 2023. Despite several attempts at settlement and previous withdrawals of similar petitions, the default persisted. The FC subsequently assigned its debt to Asset Reconstruction Company (India) Limited (ARCIL), which then sought to revive the CIRP application. The CD consistently raised disputes regarding reconciliation of accounts,

…

## Facts

Sammaan Capital Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, for initiation of CIRP against Parsvnath Developers Ltd. (Corporate Debtor).

The Corporate Debtor approached the Financial Creditor in 2018 for loans for construction and development of housing/residential projects and other corporate purposes.

Seven loan agreements were executed between March 27, 2018, and March 20, 2020, with sanctioned amounts totaling several hundred crores.

The Corporate Debtor committed its first default in repayment in 2022 and a second default in July 2023.

On 05.05.2024, the Corporate Debtor again defaulted in making payment.

…

## Issues and analysis

### Issue 1: Whether Parsvnath Developers Ltd. defaulted on its financial debt to Sammaan Capital Limited, …

**Ratio:** An application under Section 7 of IBC, 2016, hinges on the existence of a default by the

…

**Reasoning:** The Financial Creditor (FC) presented multiple loan agreements and recall notices, and a

…

**Interpretation:** The Adjudicating Authority's primary role at the admission stage of a Section 7

…

**Application:** The NCLT found sufficient material (loan agreements, recall notices, NeSL

…

## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…; +3 more
- **Appellants:** Sammaan Capital…; Asset Reconstructi…
- **Respondents:** Parsvnath…; Parsvnath Group…; +2 more
- **Other parties:** Insolvency and…; Financial…; +9 more

## Timeline

- **2018-MM-DD — Loan Appli…**: Corporate Debtor approached Financial Creditor for availing loans for construction and…
- **2022-MM-DD — First De…**: Corporate Debtor committed its…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-kolkata/sammaan-capital-limited-vs-parsvnath-developers-limited-wwn4o