# In the matter of Concord Buildwell Private Limited

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-01048. Standard Capital Markets Ltd. filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-01048
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/concord-buildwell-private-limited-53b1eaf3

## Summary

### Background

Standard Capital Markets Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate corporate insolvency resolution process (CIRP) against Concord Buildwell Private Ltd., based on a financial debt.

## Facts

Standard Capital Markets Ltd. (SCML) is a financial creditor and public limited company.

Concord Buildwell Private Ltd. is the corporate debtor and a public limited company engaged in construction and real estate.

Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL), previously known as Indiabulls Housing Finance.

SCL issued a sanction letter to Veer for the loan.

SCL and Veer executed a Loan Agreement for Rs. 150,00,00,000/- on 30.10.2018.

SCL disbursed Rs. 150,00,00,000/- to Veer on 02.11.2018.

Concord Buildwell Private Ltd. executed a Memorandum of Entry on 28.11.2020, creating a mortgage in favor of SCL.

SCL and Veer executed an Addendum Agreement on 01.10.2020, extending the loan term.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a 'default' …

**Ratio:** Section 3(12) of the IBC defines 'default' as non-payment of debt when whole or any part

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**Reasoning:** The Corporate Debtor failed to make the EMI payment due on 05.10.2024, thereby committing

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**Interpretation:** The non-payment of a part of the debt when it becomes due and payable amounts

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**Application:** The Adjudicating Authority found that the Corporate Debtor had committed a

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## Parties

- **Judges:** Sh. Ashok Kumar…; Charanjeet Singh…
- **Appellants:** Standard Capital…; Sapan Moha…
- **Respondents:** Concord Buildwell…
- **Advocates:** Manayar Ch…; Adithya Dev…; +2 more

## Timeline

- **2018-10-30 — Loan Agre…**: SCL and Veer executed a Loan…
- **2018-11-02 — Disburse…**: SCL disbursed Rs.…

## 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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