# In the matter of Imagine Habitat Private Limited & Ors.

> NCLT judgment dated 2026-04-07. Citation: TCN-2026-NCLT-00401. J.C. Flowers Asset Reconstruction Pvt. Ltd. filed CIRP applications against Imagine Habitat…

- **Court:** NCLT
- **Order date:** 7 Apr 2026
- **Citation:** TCN-2026-NCLT-00401
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/imagine-habitat-private-limited-ors-a20219f2

## Summary

### Background

J.C. Flowers Asset Reconstruction Pvt. Ltd. filed CIRP applications against Imagine Habitat Private Limited, Imagine Residence Private Limited, Imagine Home Private Limited, and Imagine Estate Private Limited under Section 7 of the IBC, 2016, based on financial debt.

## Facts

J.C. Flowers Asset Reconstruction Pvt. Ltd. is the petitioner, acting as trustee of JCF ARC TRUST 2024-25/33.

The respondents are Imagine Habitat Pvt. Ltd., Imagine Residence Pvt. Ltd., Imagine Home Pvt. Ltd. and Imagine Estate Pvt. Ltd., all private limited companies.

The respondents are wholly owned subsidiaries of RAB Enterprises (India) Private Limited, promoted by Mr. Rana Kapoor and Ms. Bindu Kapoor.

Sammaan Capital Limited (SCL) sanctioned and disbursed loan facilities to RAB Group of Companies, including the Corporate Debtors.

SCL issued a notice dated 09.03.2020 recalling the financial facilities extended in terms of the Loan Agreement dated 05.09.2018 and the Subject Loan Agreement dated 22.03.2019.

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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 expression Obligor(s) in the Deed of Hypothecation includes the Borrower(s), the

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**Reasoning:** The Corporate Debtors before us stood as surety for repayment of the amount of debt

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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 Deed of Hypothecation further stipulates that the Hypothecators are under

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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

- **N/A — 2017…**: RAB approached Sammaan Capital…
- **2018-09-05 — Loan Agre…**: Loan Agreements dated 05.09.2018 and 29.03.2019 as financial facilities to the Principal…

## 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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