# In the matter of IMAGINE HABITAT PRIVATE LIMITED

> NCLT judgment dated 2026-04-07. Citation: TCN-2026-NCLT-00312. J.C. Flowers Asset Reconstruction Pvt. Ltd. filed CIRP applications against Imagine Habitat…

- **Court:** NCLT
- **Order date:** 7 Apr 2026
- **Citation:** TCN-2026-NCLT-00312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/imagine-habitat-private-limited-31bab8f6

## 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 applications are based on financial facilities extended by Sammaan Capital Limited (SCL) to RAB Group of Companies, including the Corporate Debtors, and subsequently assigned to J.C. Flowers.

## Facts

Sammaan Capital Limited (SCL) sanctioned and disbursed loan facilities to RAB Group of Companies, including Imagine Habitat Pvt. Ltd., Imagine Residence Pvt. Ltd., Imagine Home Pvt. Ltd., and Imagine Estate Pvt. Ltd.

The loans were secured by personal guarantees from Mr. Rana Kapoor and Mrs. Bindu Kapoor and a Deed of Hypothecation.

SCL issued a recall notice dated 09.03.2020, recalling the financial facilities due to a 'Material Adverse Effect' on the repayment ability of RAB Promoters.

J.C. Flowers Asset Reconstruction Pvt. Ltd. became the assignee of the loan agreements from SCL.

The Corporate Debtors are hypothecators and obligors under the loan agreements.

The Principal Debtor, Bliss House Private Limited, defaulted on the loan repayment.

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## Issues and analysis

### Issue 1: Whether the execution of a Deed of Hypothecation by the Corporate Debtors would make them liable as …

**Ratio:** The NCLT relied on several judgments, including China Development Bank v. Doha Bank

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**Reasoning:** The tribunal reasoned that the Corporate Debtors, by executing the Deed of Hypothecation,

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**Interpretation:** The NCLT interpreted the Deed of Hypothecation as creating a financial debt

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**Application:** The tribunal applied the principles established in the cited judgments to the

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** J.C. Flowers…
- **Respondents:** Imagine Habitat…; Imagine Residence…; +2 more
- **Other parties:** Sammaan Capital…; Indiabulls…; +3 more
- **Advocates:** Sidhant Kumar…; Ritesh…; +9 more

## Timeline

- **2017 — Loan Transa…**: 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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