# In the matter of Rajesh Estates and Nirman Private Limited

> NCLT judgment dated 2025-08-06. Citation: TCN-2025-NCLT-01308. Asset Care and Reconstruction Enterprise Limited (ACRE) filed applications IA/3786/2024 and…

- **Court:** NCLT
- **Order date:** 6 Aug 2025
- **Citation:** TCN-2025-NCLT-01308
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/rajesh-estates-and-nirman-private-limited-4a440da9

## Summary

### Background

Asset Care and Reconstruction Enterprise Limited (ACRE) filed applications IA/3786/2024 and IA/3787/2024 against the Resolution Professional (RP) of Rajesh Estates and Nirman Private Limited, seeking a direction to classify ACRE's claims as a secured financial creditor.

## Facts

Altico Capital (India) Limited extended financial assistance to five entities forming part of the Rajesh Lifespaces Group, including Rajesh Estates and Nirman Private Limited.

Five separate Debenture Trust Deeds (DTDs) were executed between Vistra ITCL (India) Limited and each of the Borrowers.

The Borrowers agreed to issue unrated, unlisted, secured, redeemable and non-convertible debentures to Altico.

A Deed of Assignment was entered into between Altico and ACRE, assigning all the debentures of the Borrower companies to ACRE.

The Corporate Debtor was admitted to Corporate Insolvency Resolution Process (CIRP) vide order dated 24.03.2023.

ACRE submitted claims as a financial creditor of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the 'Undertaking to Pay' in Clause 3.7 of the DTDs constitutes a guarantee under Section …

**Ratio:** The Tribunal relied on the China Development Bank case, which held that an undertaking to

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**Reasoning:** The Tribunal analyzed Clause 3.7 of the DTDs, which provides an 'Undertaking to Pay' by

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**Interpretation:** The Tribunal interpreted Clause 3.7 as an irrevocable and unconditional

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**Application:** Applying the principles from the China Development Bank case, the Tribunal

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## Parties

- **Judges:** LAKSHMI G…; Hariharan…
- **Appellants:** Asset Care and…; Asset Care and…
- **Respondents:** Rajesh Estates…; Divyesh…
- **Other parties:** Clearwater…
- **Advocates:** Gaurav…; Arnav Mo…; +6 more

## Timeline

- **2023-03-24 — Admission t…**: The Corporate Debtor was admitted to Corporate Insolvency Resolution Process (CIRP) vide…
- **2024-08-06 — Order Pron…**: Order pronounced on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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