# In the matter of Omkara Asset Reconstruction Private Limited vs. Neo Capricorn Plaza Private Limited

> NCLT judgment dated 2025-07-08. Citation: TCN-2025-NCLT-00768. A Company Petition C.P. (IB) No. 290/2023 was filed on 10.04.2023 under Section 7 of the…

- **Court:** NCLT
- **Order date:** 8 Jul 2025
- **Citation:** TCN-2025-NCLT-00768
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/omkara-asset-reconstruction-private-limited-vs-neo-capricorn-plaza-private-limit-5cf1740d

## Summary

### Background

A Company Petition C.P. (IB) No. 290/2023 was filed on 10.04.2023 under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Omkara Assets Reconstruction Private Limited seeking to initiate Corporate Insolvency Resolution Process against Neo Capricorn Plaza Private Limited.

## Facts

Omkara Asset Reconstruction Private Limited filed a petition under Section 7 of the IBC to initiate CIRP against Neo Capricorn Plaza Private Limited.

The petition was based on a default in a Loan Agreement and ECLGS facility.

The Corporate Debtor defaulted on 15.10.2022 in favor of the ECLGS Facility.

The Financial Creditor issued a recall notice dated 15.02.2023, recalling the outstanding amounts.

The NCLAT set aside the initial admission order and directed the Adjudicating Authority to reconsider the matter.

The Corporate Debtor argued that the Financial Creditor excessively appropriated amounts towards the ECLGS facility.

The Corporate Debtor also argued that the Financial Creditor should have utilized the undisbursed DSRA amount.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt and a default in relation to the ECLGS facility and Loan …

**Ratio:** The Tribunal found that there was a default in payment of Interest and Principal under

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**Reasoning:** The Tribunal analyzed the loan agreements, statements of accounts, and arguments

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**Interpretation:** The Tribunal interpreted the relevant clauses of the loan agreements and the

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**Application:** The Tribunal applied the provisions of Section 7 of the IBC to the facts of the

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## Parties

- **Judges:** SH. Justice…; Prabhat…
- **Appellants:** Omkara Assets…
- **Respondents:** NEO CAPRICORN…; Gstaad Hotels…
- **Other parties:** Piramal Finance…; PIRAMAL CAPITAL &…; +2 more
- **Advocates:** Prateek Se…; Ryan D'…; +6 more

## Timeline

- **2023-04-10 — Filing of Company…**: A Company Petition C.P. (IB) No. 290/2023 was filed by Omkara Assets Reconstruction…
- **2024-01-09 — Admission of Corporate…**: This Tribunal admitted the Corporate Debtor…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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