# In the matter of XRBIA North Hinjewadi Developers Private Limited

> NCLT judgment dated 2025-09-09. Citation: TCN-2025-NCLT-01386. Asset Reconstruction Company (India) Limited filed IA 1864 of 2025 in C.P. (IB) 762 (MB) 2024…

- **Court:** NCLT
- **Order date:** 9 Sept 2025
- **Citation:** TCN-2025-NCLT-01386
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/xrbia-north-hinjewadi-developers-private-limited-e6618051

## Summary

### Background

Asset Reconstruction Company (India) Limited filed IA 1864 of 2025 in C.P. (IB) 762 (MB) 2024 seeking to be recognized as a financial creditor in the CIRP of XRBIA North Hinjewadi Developers Private Limited. The applicant's claim of INR 1279,92,52,271/- was rejected by the Interim Resolution Professional (IRP).

## Facts

Asset Reconstruction Company (India) Limited filed an application (IA 1864 of 2025) to be considered a financial creditor of XRBIA North Hinjewadi Developers Private Limited.

The applicant's claim of INR 1279,92,52,271/- was rejected by the Respondent, Mr. Sanjay Vijay Jeswani, Interim Resolution Professional, via email dated 30th January 2025.

The CIRP process commenced on 2nd January 2025.

The applicant's claim is based on various financing documents where the Xrbia Group received financial credit facilities.

The Corporate Debtor mortgaged its properties to secure loans disbursed to other Xrbia Group companies.

The Respondent RP rejected the Applicant's claim as a financial creditor, admitting it as an Other Secured Creditor instead.

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## Issues and analysis

### Issue 1: Whether the decision in case of China Development Bank (Supra) does away with the requirement of …

**Ratio:** The disbursal of a debt for time value of money is sine qua non for constituting such

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**Reasoning:** The tribunal relied on precedents such as Phoenix ARC Pvt. Ltd. v. Spade Financial

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**Interpretation:** The tribunal interpreted Section 5(8) of the IBC to mean that a financial debt

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**Application:** The tribunal found that since the funds were not directly disbursed to the

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Asset Reconstructi…; Tricon Infra…
- **Respondents:** XRBIA North…; Sanjay Vijay…
- **Other parties:** Sanjay Vijay…

## Timeline

- **2025-01-02 — CIRP Commen…**: The Corporate Insolvency…
- **2025-01-17 — Claim Subm…**: The Applicant submitted its claim under Form C of the Insolvency and Bankruptcy Board of…

## 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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