# In the matter of ITMC DEVELOPERS PRIVATE LIMITED

> NCLT judgment dated 2026-03-11. Citation: TCN-2026-NCLT-00216. Edelweiss Asset Reconstruction Company Ltd, the Financial Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 11 Mar 2026
- **Citation:** TCN-2026-NCLT-00216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/itmc-developers-private-limited-c136f79b

## Summary

### Background

Edelweiss Asset Reconstruction Company Ltd, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against ITMC Developers Private Limited, the Corporate Debtor. The application was filed on 25.02.2025.

## Facts

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The Financial Creditor is Edelweiss Asset Reconstruction Company Ltd.

The Corporate Debtor is ITMC Developers Private Limited.

The date of default is 29.11.2019.

The amount of default claimed is Rs 4,46,27,15,167/-.

The Applicant had previously filed a Company Petition (IB) No. 584 of 2024 against the Corporate Debtor, which was withdrawn with liberty to file a fresh application.

The Corporate Debtor acknowledged the financial debt in its audited financial statement for the Financial Year 2020-21 dated 21.11.2021.

The Applicant issued a recall cum invocation of guarantee notice dated 08.10.2021 for Term Loan facility to Corporate Debtor and Guarantors.

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## Issues and analysis

### Issue 1: Whether the application is barred by the …

**Ratio:** The principle of constructive res judicata is not applicable as the earlier petition was

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**Reasoning:** The matter was never finally decided in the earlier petition, and the Corporate Debtor

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**Interpretation:** The withdrawal of the earlier petition with liberty to file afresh negates the

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**Application:** The Adjudicating Authority held that the contention of the respondent that the

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## Parties

- **Judges:** SAMEER…; NILESH S…; +2 more
- **Appellants:** Edelweiss Asset…
- **Respondents:** ITMC Developers…
- **Other parties:** ayunish@yah…; Stress Credit…
- **Advocates:** Nausher…; Bhalchandra…; +5 more

## Timeline

- **2025-02-25 — Filing of App…**: C.P. (IB) No.736/MB/2025 (Application) was filed by Edelweiss Asset Reconstruction…
- **2019-11-29 — Date of D…**: The date of default as…

## 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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