# In the matter of KUSHMANDA PROPERTIES PRIVATE LIMITED

> NCLT judgment dated 2025-11-12. Citation: TCN-2025-NCLT-01663. IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 12 Nov 2025
- **Citation:** TCN-2025-NCLT-01663
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/kushmanda-properties-private-limited-c8ff0366

## Summary

### Background

IL&FS Financial Services Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kushmanda Properties Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP).

## Facts

IL&FS Financial Services Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Kushmanda Properties Private Limited (Corporate Debtor).

The Corporate Debtor is a Corporate Guarantor to the Principal Borrower, Ansal Properties and Infrastructure Limited (APIL).

APIL defaulted on a term loan facility of Rs.100,00,00,000/- granted by the Applicant.

The Corporate Debtor executed a deed of guarantee dated 03.07.2017 in favor of the Applicant.

APIL made settlement proposals to the Applicant, but the settlement failed.

The Applicant issued a notice of demand dated 09.09.2024 calling upon the Corporate Debtor to make a payment of Rs.234,35,74,411/-.

…

## Issues and analysis

### Issue 1: Whether the financial creditor can always file separate applications under Section 7 of the IBC …

**Ratio:** Yes, the financial creditor can always file separate applications under Section 7 of the

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**Reasoning:** The Hon'ble Supreme Court of India in BRS Ventures Investments Ltd. vs. SREI

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**Interpretation:** This means that the financial creditor has the right to pursue CIRP against

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**Application:** In this case, the Applicant can file a separate application against the

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## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** IL & FS Financial…
- **Respondents:** KUSHMANDA…
- **Other parties:** Chandar P…; Ansal Properties…
- **Advocates:** Gopal…; Satendra Ku…; +1 more

## Timeline

- **2016 — Loan Agre…**: Applicant granted a term loan facility of Rs.100,00,00,000/- to Ansal Properties and…
- **2017-07-03 — Guarantee…**: The Corporate Debtor executed a deed of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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