# Asrec (India) Limited vs. Landmark Motels and Travels Private Limited

> NCLT judgment dated 2026-08-18. Citation: TCN-2026-NCLT-00835. ASREC India Limited (Financial Creditor) filed an application under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 18 Aug 2026
- **Citation:** TCN-2026-NCLT-00835
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/asrec-india-limited-vs-landmark-motels-and-travels-private-limited-87iy5

## Summary

### Background

ASREC India 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 Landmark Motels and Travels Private Limited (Corporate Debtor). The debt originated from State Bank of India and DHFL, was taken over by Indian Bank, and subsequently assigned to ASREC India Limited. The Corporate Debtor defaulted on its payments, leading to the account being declared a Non-Performing Asset (NPA). The Corporate Debtor raised several contentions, including contradictory dates of default, the applicability of Section 10A of the IBC, the effect of an interim moratorium under Section 96 (due to Section 95 proceedings against personal guarantors) on the Section 7

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## Facts

ASREC India Limited (Financial Creditor/Applicant) filed C.P. (IB) No.1154/MB/2025 on 27.10.2025 under Section 7 of the IBC.

The application is against Landmark Motels and Travels Pvt. Ltd. (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP).

Mr. Sunil Korgaonkar, Chief Manager of ASREC, is authorized to initiate CIRP vide Power of Attorney dated 05.10.2025.

ASREC India Limited is a Public Limited Company incorporated on 25.11.2003.

Landmark Motels and Travels Pvt. Ltd. is a non-government private company incorporated on 12.02.2001, engaged in hotels, camping sites, and short-stay accommodation.

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## Issues and analysis

### Issue 1: Whether a financial debt exists and is due and payable by the Corporate Debtor to the Financial …

**Ratio:** Yes, a financial debt exists and is due and payable by the Corporate Debtor to the

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**Reasoning:** The Corporate Debtor did not dispute availing financial facilities, executing security

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**Interpretation:** Acknowledgment of liability, restructuring proposals, and OTS proposals serve

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**Application:** The Corporate Debtor's own OTS proposals and the 'Deemed to be Authenticated'

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Asrec (India)…
- **Respondents:** Landmark Motels…
- **Other parties:** Indian…; State Bank of…; +2 more
- **Advocates:** Ganes…; Annu Sh…; +2 more

## Timeline

- **12.02.2001 — Corporate Debtor…**: Landmark Motels and Travels Pvt. Ltd.…
- **25.11.2003 — Applicant Inco…**: ASREC India Limited (Applicant) was…

## 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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