# Omkara Assets Reconstruction Pvt. Ltd. vs. ESPO Developers Pvt. Ltd.

> NCLT judgment dated 2026-09-29. Citation: TCN-2026-NCLT-01089. Omkara Assets Reconstruction Pvt. Ltd. (Financial Creditor) filed a Section 7 IBC application…

- **Court:** NCLT
- **Order date:** 29 Sept 2026
- **Citation:** TCN-2026-NCLT-01089
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/espo-developers-private-limited-e88oz

## Summary

### Background

Omkara Assets Reconstruction Pvt. Ltd. (Financial Creditor) filed a Section 7 IBC application against ESPO Developers Pvt. Ltd. (Corporate Debtor) for defaulting on a financial debt of Rs. 164,03,41,432/-. The debt originated from a 2019 loan sanctioned by Indiabulls Housing Finance Limited (IHFL) to ESPO Developers Pvt. Ltd., which was later assigned to Omkara. The parties had entered into a One-Time Settlement (OTS) and subsequently a comprehensive Settlement Agreement, which included ATS transactions and buy-back rights. The Corporate Debtor argued that the debt was discharged, the Settlement Agreement was unlawfully terminated, and disputes were pending in arbitration. The Corporate Debtor also filed applications to place additional documents on record and to

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## Facts

Omkara Assets Reconstruction Pvt. Ltd. (Financial Creditor) filed a Section 7 IBC application against ESPO Developers Pvt. Ltd. (Corporate Debtor).

The Corporate Debtor defaulted on a financial debt of Rs. 164,03,41,432/- as of April 09, 2026.

The debt originated from a loan of Rs. 136,00,00,000/- sanctioned by Indiabulls Housing Finance Limited (IHFL) to ESPO Developers Pvt. Ltd. on January 17, 2019.

A Loan Agreement was executed on January 18, 2019, and Rs. 135,15,00,000/- was disbursed to Vatika Limited's bank account on March 29, 2019, not directly to the Corporate Debtor.

On September 1, 2021, Indiabulls entered into a One-Time Settlement (OTS) with the Corporate Debtor, reducing the outstanding liability to Rs. 67,31,92,314/- plus interest.

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## Issues and analysis

### Issue 1: Whether the additional facts and documents sought to be placed on record by the Applicant (ESPO …

**Ratio:** The Tribunal, in deference to the Principle of Natural Justice and fair play, deemed it

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**Reasoning:** The Corporate Debtor/Applicant considered the documents absolutely relevant for the

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**Interpretation:** The NCLT prioritizes natural justice and fair play in allowing relevant

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**Application:** IA-3403/ND/2026 was

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. ATUL CHATURVED…
- **Appellants:** Omkara Assets…; Anil Bh…; +1 more
- **Respondents:** ESPO Developers…; Omkara Assets…
- **Other parties:** Committee of…; Direc…; +2 more
- **Advocates:** Sudhir M…; Meghna M…; +20 more

## Timeline

- **2019-01-17 — Loan Sanc…**: Indiabulls Housing Finance Limited (IHFL) sanctioned a loan of Rs. 136,00,00,000/- to…
- **2019-01-18 — Loan Agreement…**: A Loan Agreement (Loan Account No. S000240693) was executed between IHFL and ESPO…

## 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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