# In the matter of Almond Infrabuild Private Limited

> NCLT judgment dated 2025-08-08. Citation: TCN-2025-NCLT-01252. Dalmia Family Office Trust, the Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 8 Aug 2025
- **Citation:** TCN-2025-NCLT-01252
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/almond-infrabuild-private-limited-591e5788

## Summary

### Background

Dalmia Family Office Trust, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Almond Infrabuild Private Limited, the Corporate Debtor, due to a default of Rs. 26,41,82,510/- as of 31.10.2020.

## Facts

Dalmia Family Office Trust filed an application under Section 7 of the IBC to initiate CIRP against Almond Infrabuild Private Limited.

The Corporate Debtor defaulted on a payment of Rs. 26,41,82,510/- as of 31.10.2020.

A Loan Agreement was executed between the parties on 15.06.2015 for a loan of INR 15,00,00,000/-.

The Corporate Debtor argued that the Applicant is not a Financial Creditor but a speculative investor.

The Corporate Debtor claimed force majeure due to Covid-19.

Arbitration proceedings are ongoing between the parties.

The Adjudicating Authority dismissed the petition, stating that the Applicant is a speculative investor and the amount claimed does not qualify as a financial debt.

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## Issues and analysis

### Issue 1: Whether the Applicant, Dalmia Family Office Trust, qualifies as a Financial Creditor under Section …

**Ratio:** The Adjudicating Authority relied on a Coordinate Bench decision and held that the

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**Reasoning:** The Authority observed that the agreement in question forms part of a composite set of

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**Interpretation:** The term 'Financial Creditor' should not be extended to include speculative

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**Application:** The Authority applied the principle that a speculative investor cannot claim

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; Anu Jagmoha…
- **Appellants:** Dalmia Family…
- **Respondents:** Almond Infrabuild…
- **Other parties:** Getamber…; ATS Infrastructure…; +4 more
- **Advocates:** Ajay Bha…; Wamika T…; +3 more

## Timeline

- **2020-11-20 — Application…**: Dalmia Family Office Trust filed the…
- **2015-06-15 — Loan Agre…**: Loan Agreement executed between Dalmia Family Office Trust and Almond Infrabuild Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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