# Yes Bank Limited vs. M/s Ideal Real Estate Private Limited

> NCLT judgment dated 2026-07-07. Citation: TCN-2026-NCLT-00697. Yes Bank Limited, the Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 7 Jul 2026
- **Citation:** TCN-2026-NCLT-00697
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/yes-bank-limited-vs-ms-ideal-real-estate-private-limited-c0v8n

## Summary

### Background

Yes Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Ideal Real Estate Private Limited, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) due to a default in loan facilities. The Corporate Debtor had availed significant loan facilities, which were subsequently defaulted upon, leading to the account being classified as a Non-Performing Asset (NPA). The Corporate Debtor raised preliminary objections, arguing that the application was not maintainable, there was no creditor-debtor relationship, and the Financial Creditor was pursuing parallel recovery remedies under the RDDBFI Act and SARFAESI Act, which should bar the IBC proceedings.

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## Facts

Yes Bank Limited (Financial Creditor) filed an application under Section 7 of the IBC, 2016, to initiate CIRP against M/s Ideal Real Estate Private Limited (Corporate Debtor).

The Corporate Debtor was a constituent of the Financial Creditor and availed loan facilities.

Srawan Kumar Himatsingka, representing the Corporate Debtor, executed various loan documents.

A Board Resolution dated 29.06.2018 was passed by the Corporate Debtor to avail facilities.

A facility letter dated 29.06.2018 sanctioned a term loan of Rs. 320,00,00,000.

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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:** The pendency of recovery proceedings under the RDDBFI Act, 1993, or initiation of

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

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**Interpretation:** The IBC is a mechanism for resolution and revival of a company, not solely a

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**Application:** The NCLT held that the pendency of proceedings under the RDDBFI Act 1993 and

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## Parties

- **Judges:** Rekha Kantilal…; Labh S…
- **Appellants:** Yes Bank L…
- **Respondents:** M/s. Ideal Real…
- **Other parties:** Bijay Mur…
- **Advocates:** Ratnokar Ba…; Prasun…; +10 more

## Timeline

- **2018-06-29 — Board Resolution and…**: Corporate Debtor passed a Board Resolution to avail loan facilities, and the Financial…
- **2018-06 — Addendum Facility…**: Financial Creditor issued addendum facility letters prescribing additional terms and…

## 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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