# In the matter of BLISS HOUSE PRIVATE LIMITED

> NCLT judgment dated 2026-01-21. Citation: TCN-2026-NCLT-00021. J.C. Flowers Asset Reconstruction Pvt. Ltd. filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 21 Jan 2026
- **Citation:** TCN-2026-NCLT-00021
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/bliss-house-private-limited-238d22dd

## Summary

### Background

J.C. Flowers Asset Reconstruction Pvt. Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bliss House Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition is based on a default in repayment of a loan facility.

## Facts

J.C. Flowers Asset Reconstruction Pvt. Ltd. (Petitioner) filed a petition under Section 7 of the IBC against Bliss House Private Limited (Corporate Debtor) for initiation of CIRP.

The Corporate Debtor is a private limited company engaged in the business of construction and real estate.

Sammaan Capital Limited (SCL) sanctioned and disbursed a loan facility to the Corporate Debtor by way of a Loan Agreement dated 29 March 2019 of INR 105 Crores.

The Bliss House Loan is secured by various security instruments including mortgage deeds, hypothecation deeds, guarantees, and deed of pledge of third parties.

The RAB Promoters executed a common Deed of Guarantee dated 29 March 2019, agreeing to stand as guarantors for the Bliss House Loan.

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## Issues and analysis

### Issue 1: Whether the petition is maintainable under Section 7 …

**Ratio:** The petition is maintainable if the Corporate Debtor has committed a default in repayment

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**Reasoning:** The Adjudicating Authority considered the facts of the case, including the assignment of

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**Interpretation:** The Adjudicating Authority interpreted the provisions of Section 7 of the IBC

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**Application:** The Adjudicating Authority applied the provisions of Section 7 of the IBC to

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** J.C. Flowers…
- **Respondents:** Bliss House…
- **Other parties:** Bindu K…; Sammaan Capital…; +2 more
- **Advocates:** Siddhant…; Manya Ch…; +10 more

## Timeline

- **2019-03-29 — Loan Agre…**: SCL sanctioned and disbursed a loan facility to the Corporate Debtor by way of a Loan…
- **2020-03-09 — Event of D…**: SCL declared an Event of Default under Clause 12.2 of the Bliss House Loan Agreement and…

## 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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