# In the matter of TRILLION REAL ESTATE AND PROPERTIES (INDIA) PRIVATE LIMITED

> NCLT judgment dated 2026-02-12. Citation: TCN-2026-NCLT-00130. Canara Bank, a Financial Creditor, filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Feb 2026
- **Citation:** TCN-2026-NCLT-00130
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/trillion-real-estate-and-properties-india-private-limited-4e22adb6

## Summary

### Background

Canara Bank, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Trillion Real Estate and Properties (India) Private Limited, the Corporate Debtor, due to a default on a term loan.

## Facts

Canara Bank sanctioned a term loan of Rs 55,00,00,000 to M/s Trillion Real Estate and Properties (India) Private Limited for the construction of a hotel.

The Corporate Debtor executed security documents, including a hypothecation agreement, guarantee agreements, and a registered mortgage deed, in favor of Canara Bank.

The Corporate Debtor defaulted on the repayment of the loan, and the account was declared a Non-Performing Asset (NPA) on 31.03.2016.

The Corporate Debtor approached the Financial Creditor for a one-time settlement (OTS) of the loan.

The Financial Creditor accepted an OTS proposal, and the Corporate Debtor made a part payment of Rs 3 Crore.

The Corporate Debtor failed to adhere to the terms and conditions of the OTS.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable despite the existence of a One …

**Ratio:** The failure to adhere to the terms of OTS within time resulted in cancellation of OTS,

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**Reasoning:** The Corporate Debtor failed to adhere to the terms and conditions of the OTS, and the

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**Interpretation:** The Tribunal interpreted that the OTS proposal does not take away the legal

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**Application:** The Tribunal held that the application under Section 7 of the IBC is

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Canara…
- **Respondents:** M/s Trillion Real…
- **Other parties:** Ashruba…; Srigini Rajat…
- **Advocates:** Gajendra A.…; Ashwini…; +2 more

## Timeline

- **2014-01-10 — Term Loan Ag…**: Corporate Debtor entered into Term…
- **2016-03-31 — NPA Decla…**: Loan account of the Corporate Debtor was declared as Non-performing asset(NPA) on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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