# In the matter of IMAGINE ESTATE PRIVATE LIMITED

> NCLT judgment dated 2026-04-07. Citation: TCN-2026-NCLT-00313. J.C. Flowers Asset Reconstruction Pvt. Ltd. filed CIRP applications against Imagine Habitat…

- **Court:** NCLT
- **Order date:** 7 Apr 2026
- **Citation:** TCN-2026-NCLT-00313
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/imagine-estate-private-limited-31e0d7d7

## Summary

### Background

J.C. Flowers Asset Reconstruction Pvt. Ltd. filed CIRP applications against Imagine Habitat Pvt. Ltd., Imagine Residence Pvt. Ltd., Imagine Home Pvt. Ltd., and Imagine Estate Pvt. Ltd. The cases are interlinked and involve similar facts.

## Facts

RAB Group of Companies, promoted by Rana Kapoor and Bindu Kapoor, approached Sammaan Capital Limited (SCL) for loan facilities.

SCL and its subsidiary, Indiabulls Commercial Credit Limited (ICCL), sanctioned and disbursed loan facilities to RAB Group companies, including the Corporate Debtors.

The Corporate Debtors acted as hypothecators and obligors under the loan agreements.

Personal guarantees were provided by Rana Kapoor and Bindu Kapoor.

SCL issued recall notices due to a material adverse effect on the repayment ability of RAB Promoters.

J.C. Flowers Asset Reconstruction Pvt. Ltd. acquired the rights and interests of SCL through an assignment agreement.

The Principal Debtor, Bliss House Private Limited, has already been admitted into CIRP.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtors are …

**Ratio:** The Corporate Debtors are liable as corporate guarantors due to their role as

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**Reasoning:** The Deed of Hypothecation contains a 'covenant to pay', which, coupled with the security

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**Interpretation:** A contract becomes a guarantee when the contract is to perform the promise or

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**Application:** The Corporate Debtors, by executing the Deed of Hypothecation, undertook to

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** J.C. Flowers…
- **Respondents:** Imagine Habitat…; Imagine Residence…; +2 more
- **Other parties:** Sapan Moha…; Rana Ka…; +1 more
- **Advocates:** Sidhant Kumar…; Ritesh…; +9 more

## Timeline

- **2017 — Loan Trans…**: RAB approached Sammaan Capital…
- **2018-09-05 — Loan Agre…**: Loan Agreement dated 05…

## 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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