# In the matter of Madhuvan Tieup Private Limited Company Petition No. (IB)-25(ND)-2023

> NCLT judgment dated 2023-07-05. Citation: TCN-2023-NCLT-05363. HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 5 Jul 2023
- **Citation:** TCN-2023-NCLT-05363
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/madhuvan-tieup-private-limited-company-petition-no-ib-25nd-2023-1b85632b

## Summary

### Background

HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against Madhuvan Tieup Private Limited due to unpaid financial debt.

## Facts

HDFC Bank Limited, the Applicant, filed a petition under Section 7 of the IBC, 2016 against Madhuvan Tieup Private Limited, the Respondent.

The Applicant claimed a default of Rs. 80,78,16,596.11/- as of 19.12.2022, besides accrued interest since 20.12.2022, with the date of default being 27.12.2019 when the account became NPA.

The Applicant granted credit/loan facilities to the Respondent vide Sanction Letters dated 31.05.2017 and 11.05.2018, totaling Rs. 86.50 crores.

The Respondent raised objections, including that the application was for recovery, not resolution, and that SARFAESI proceedings were initiated.

The Respondent also claimed the application was barred by Section 215 and 10A of IBC, 2016, and that multiple loan accounts were improperly clubbed.

…

## Issues and analysis

### Issue 1: Whether the application is barred by Section 215 of the IBC, 2016 due to the absence of a record …

**Ratio:** Section 215 of the IBC, 2016

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**Reasoning:** The Hon'ble High Court of Calcutta in “Univalue Projects Pvt. Ltd. Versus The Union of

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**Interpretation:** The absence of an IU record does not automatically invalidate an application

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**Application:** The Adjudicating Authority found no merit in the objection raised by the

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## Parties

- **Judges:** Sh. Ashok Kumar…; L. N. G…
- **Appellants:** HDFC Bank L…
- **Respondents:** Madhuvan Tieup…
- **Other parties:** Umesh G…
- **Advocates:** Bheem Sai…; Mohit Cha…; +1 more

## Timeline

- **2017-05-31 — Sanction Lett…**: One of the sanction letters issued by HDFC…
- **2018-05-11 — Sanction Lett…**: Another sanction letter issued by HDFC…

## 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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