# In the matter of IMAGINE HOME PRIVATE LIMITED

> NCLT judgment dated 2026-04-07. Citation: TCN-2026-NCLT-00314. J.C. Flowers Asset Reconstruction Pvt. Ltd. filed CIRP applications against Imagine Habitat…

- **Court:** NCLT
- **Order date:** 7 Apr 2026
- **Citation:** TCN-2026-NCLT-00314
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/imagine-home-private-limited-9a2ce0c9

## 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 the respondents, where the respondents acted as hypothecators and obligors under loan agreements.

## Facts

J.C. Flowers Asset Reconstruction Pvt. Ltd. is the petitioner, acting as the assignee of Sammaan Capital Limited (SCL).

Imagine Habitat Pvt. Ltd., Imagine Residence Pvt. Ltd., Imagine Home Pvt. Ltd., and Imagine Estate Pvt. Ltd. are the corporate debtors.

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

SCL sanctioned and disbursed loan facilities to RAB Group companies, including the corporate debtors.

The corporate debtors acted as hypothecators under deeds of hypothecation, providing security for the loans.

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

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## Issues and analysis

### Issue 1: Whether the NCLT has territorial jurisdiction to entertain the petitions against the corporate …

**Ratio:** Section 60(2) of the IBC creates an exception to the general prescription of Section

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**Reasoning:** The NCLT relied on the judgment of Hon'ble NCLAT in S. Vasudevan Suspended Director of

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**Interpretation:** The pendency of CIRP proceedings against the principal borrower before the

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**Application:** Since the CIRP process against the Ozone Projects, i.e., the Principal Borrower

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** J.C. Flowers…
- **Respondents:** Imagine Habitat…; Imagine Residence…; +2 more
- **Other parties:** Mamta B…; Sapan Moha…; +2 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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