# In the matter of DE GRANDE SPORTS PRIVATE LIMITED

> NCLT judgment dated 2026-01-12. Citation: TCN-2026-NCLT-00052. The case involves an application filed by R. K. Purushothaman, the Financial Creditor, against…

- **Court:** NCLT
- **Order date:** 12 Jan 2026
- **Citation:** TCN-2026-NCLT-00052
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/de-grande-sports-private-limited-f586ceac

## Summary

### Background

The case involves an application filed by R. K. Purushothaman, the Financial Creditor, against DE Grande Sports Private Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP).

## Facts

R. K. Purushothaman, the Applicant, filed an application against DE Grande Sports Private Limited under Section 7 of the IBC.

The amount claimed to be in default is Rs. 3,62,08,997/-, including interest, with a principal amount of Rs. 2,95,00,000/-.

The Corporate Debtor is the owner and holds the rights to use, operate, and manage 'Hyderabad FC'.

A sum of Rs. 2,95,00,000/- was disbursed by the Financial Creditor to the Corporate Debtor as per a Loan Agreement dated 09.09.2020.

The Loan Agreement stipulated an interest rate of 8% per annum.

The first date of default stated by the Applicant is 04.10.2024.

A Demand Promissory Note dated 31.03.2022 was executed by the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Loan Agreement, being unstamped/unnotarized, can be relied upon for the purpose of …

**Ratio:** Insufficiency of stamping does not render a Section 7 application non-maintainable when

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**Reasoning:** The Applicant placed on record several independent and contemporaneous documents,

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**Interpretation:** The Tribunal interpreted that the existence of debt and default can be

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**Application:** The Tribunal held that the objection raised by the Corporate Debtor on the

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** R. K. Purushothama…
- **Respondents:** DE Grande Sports…
- **Other parties:** Sabbani M…
- **Advocates:** Yaju…; Ahmed Chu…

## Timeline

- **2024-11-02 — Application…**: Application filed by R. K. Purushothaman against DE Grande Sports Private Limited under…
- **2024-10-04 — Date of D…**: The first date of default…

## 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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