# In the matter of Replenish Reality Private Limited

> NCLT judgment dated 2026-03-17. Citation: TCN-2026-NCLT-00272. IFCI Limited (Applicant) filed an IA under Section 60(5) of the IBC seeking directions against…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00272
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/replenish-reality-private-limited-cb04527d

## Summary

### Background

IFCI Limited (Applicant) filed an IA under Section 60(5) of the IBC seeking directions against NPV Insolvency Professionals Private Limited (Respondent) regarding the admission of its claim and recognition as a secured creditor in the CIRP of Replenish Reality Private Limited (Corporate Debtor).

## Facts

IFCI Limited (Applicant) extended credit facilities to RMOL Engineering & Offshore Limited (Principal Borrower).

Replenish Reality Private Limited (Corporate Debtor) created a mortgage over its land to secure the credit facilities availed by the Principal Borrower.

The Principal Borrower defaulted, leading to SARFAESI proceedings initiated by the Applicant.

The Principal Borrower was admitted into liquidation by the NCLT, Ahmedabad Bench.

The Applicant submitted its claim in Form F as a creditor other than a financial or operational creditor in the CIRP of the Corporate Debtor.

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## Issues and analysis

### Issue 1: Whether the Applicant's claim as a secured creditor can be rejected on the ground that no financial …

**Ratio:** The Tribunal held that the rejection of the Applicant's claim was not sustainable. The

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**Reasoning:** The Tribunal considered the definitions of 'creditor', 'debt', 'charge', and 'security

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**Interpretation:** The Tribunal interpreted the relevant provisions of the IBC to mean that a

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**Application:** The Tribunal applied the legal principles to the facts of the case, concluding

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Appellants:** IFCI Li…
- **Respondents:** Replenish Reality…; NPV Insolvency…
- **Other parties:** RMOL Engineering…
- **Advocates:** Nikhil R…; Mrunalini…; +3 more

## Timeline

- **2017-11-27 — Mortgage Cr…**: Corporate Debtor created a mortgage over land admeasuring 7.297 hectares by deposit of…
- **2019-08-21 — Admission into…**: Principal Borrower admitted into…

## 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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