# In the matter of Marveledge Realtors Private Limited

> NCLT judgment dated 2026-04-06. Citation: TCN-2026-NCLT-00368. APRN Enterprises Private Limited, the Financial Creditor (FC), filed C.P. (IB) No. 732 of 2025…

- **Court:** NCLT
- **Order date:** 6 Apr 2026
- **Citation:** TCN-2026-NCLT-00368
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/marveledge-realtors-private-limited-0d8ed754

## Summary

### Background

APRN Enterprises Private Limited, the Financial Creditor (FC), filed C.P. (IB) No. 732 of 2025 under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Marveledge Realtors Private Limited, the Corporate Debtor (CD). The application is based on a default of Rs.2,26,89,17,589/- as of 31.05.2025, arising from an Inter Corporate Deposit Agreement dated 10.02.2017.

## Facts

APRN Enterprises Private Limited (Financial Creditor) filed C.P. (IB) No. 732 of 2025 against Marveledge Realtors Private Limited (Corporate Debtor) under Section 7 of the IBC.

The application is based on a default of Rs.2,26,89,17,589/- as of 31.05.2025, arising from an Inter Corporate Deposit Agreement dated 10.02.2017.

The Corporate Debtor (CD) argued that the debt was time-barred and that the petition was barred by res judicata due to a previously withdrawn petition.

A Settlement Agreement dated 20.01.2025 was entered into between the parties, with the CD undertaking to repay the outstanding dues by 28.02.2025.

Clause 6 of the Settlement Agreement stipulated that upon breach of the agreement, the original loan obligations would revive.

…

## Issues and analysis

### Issue 1: Whether the present petition is barred by limitation under Section 238A of the IBC read with …

**Ratio:** A written promise to pay a time-barred debt constitutes a valid and enforceable contract,

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**Reasoning:** The Hon'ble Supreme Court in Kotak Mahindra Bank Ltd. v. Kew Precision Parts Pvt. Ltd.

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**Interpretation:** The Settlement Agreement, containing an unequivocal promise to pay, creates a

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**Application:** The Adjudicating Authority held that the Settlement Agreement constituted a

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** APRN Enterprises…
- **Respondents:** Marveledge…
- **Other parties:** Nilesh Rajendra…
- **Advocates:** Ayush R…; Khushboo…; +4 more

## Timeline

- **2017-02-10 — Inter Corporate Deposit…**: Inter-Corporate Deposit Agreement was signed between PRPL Enterprises Private Limited and…
- **2023-10-31 — Recall N…**: A recall notice was issued demanding an…

## 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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