# In the matter of OUR CO. INFRASTRUCTURE DEVELOPERS PRIVATE LIMITED

> NCLT judgment dated 2025-02-17. Citation: TCN-2025-NCLT-01101. Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 17 Feb 2025
- **Citation:** TCN-2025-NCLT-01101
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/our-co-infrastructure-developers-private-limited-bd60e2b3

## Summary

### Background

Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against OUR Co. Infrastructure Developers Pvt. Ltd due to a default of Rs. 28,79,55,488/-.

## Facts

Bank of Baroda filed an application under Section 7 of the IBC to initiate CIRP against OUR Co. Infrastructure Developers Pvt. Ltd.

The Corporate Debtor defaulted on a loan of Rs. 28,79,55,488/-.

The Corporate Debtor's account was declared NPA on 31.08.2019.

The Financial Creditor sanctioned a term loan of Rs. 49,00,00,000/- on 03.09.2014.

The Corporate Debtor acknowledged the debt in its Balance Sheet.

Notice was served to the Corporate Debtor, but no one appeared on their behalf.

The Adjudicating Authority admitted the application and initiated CIRP.

Mr. Abhimanyu Mittal was appointed as the Interim Resolution Professional (IRP).

A moratorium was declared as per Section 14(1) of the IBC.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** Yes, the application is maintainable as the

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**Reasoning:** The Corporate Debtor defaulted on a loan of Rs. 28,79,55,488/-. The Financial Creditor

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**Interpretation:** Section 7 of the IBC allows a Financial Creditor to initiate CIRP against a

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**Application:** The Adjudicating Authority admitted the application as there was a clear debt

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## Parties

- **Judges:** Ramalingam…; Anu Jagmoha…
- **Appellants:** Bank of B…
- **Respondents:** Our Co. Infrastruc…
- **Other parties:** Abhimanyu…
- **Advocates:** Sougat…

## Timeline

- **07.10.2024 — Application…**: Bank of Baroda filed an…
- **14.10.2024 — Notice I…**: Notice was issued to the Corporate Debtor to enter appearance and file its reply within 7…

## 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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