# In the matter of MARVELEDGE REALTORS PRIVATE LIMITED

> NCLT judgment dated 2026-04-06. Citation: TCN-2026-NCLT-00321. 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-00321
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/marveledge-realtors-private-limited-23292e17

## 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.

## Facts

APRN Enterprises Private Limited (Financial Creditor) filed an application under Section 7 of the IBC to initiate CIRP against Marveledge Realtors Private Limited (Corporate Debtor).

The application was 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 defaulted on repaying the deposit of Rs. 25,00,00,000/- and interest.

The Financial Creditor issued a notice dated 31.10.2023 to the Corporate Debtor, invoking Clause 22.1.2 of the ICD and calling upon the CD to pay an aggregate sum of Rs.174,94,18,485/- along with applicable default interest on the sum of Rs.81,66,52,486/-.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 …

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

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**Reasoning:** The Adjudicating Authority relied on the Supreme Court's judgment in Kotak Mahindra Bank

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

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**Application:** The Adjudicating Authority found that the Settlement Agreement contained an

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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 dated 10.02.2017 was signed between PRPL Enterprises…
- **2017-02-10 — Disbursement o…**: The said amount was disbursed on 10.02.2017 for general corporate purposes and 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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