# Deepak Raheja and Another vs. Omkara Assets Reconstruction Private Ltd. and Another

> SC judgment dated 2026-10-15. Citation: TCN-2026-SC-00113. This case involves two statutory appeals filed under Section 62 of the Insolvency and Bankruptcy…

- **Court:** SC
- **Order date:** 15 Oct 2026
- **Citation:** TCN-2026-SC-00113
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/supreme-court-of-india/deepak-raheja-and-another-vs-omkara-assets-reconstruction-private-ltd-an-fbal4

## Summary

### Background

This case involves two statutory appeals filed under Section 62 of the Insolvency and Bankruptcy Code, 2016 (IBC) before the Supreme Court of India. These appeals challenged a common judgment dated 19.08.2025 by the National Company Law Appellate Tribunal (NCLAT), Principal Bench, New Delhi. The NCLAT judgment had dismissed earlier appeals and affirmed two orders dated 08.07.2025 of the National Company Law Tribunal (NCLT), Mumbai Bench, Court-I. These NCLT orders admitted Company Petitions (IB) No. 291 of 2023 and 290 of 2023, initiating the Corporate Insolvency Resolution Process (CIRP) against GSTAAD Hotels Pvt. Ltd. (Corporate Debtor) and Neo Capricorn Plaza Pvt. Ltd. (Neo). The original lender, Piramal Finance Ltd. (later Piramal Capital and Housing Finance Ltd. -

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## Facts

Piramal Finance Ltd. (PCHFL) extended a term loan facility of Rs.600 crores to GSTAAD Hotels Pvt. Ltd. (Corporate Debtor) and Neo Capricorn Plaza Pvt. Ltd. (Neo) as co-borrowers on 26.12.2017.

A Cash Management Agreement (CMA) was executed in January 2018, stipulating that 34% of hotel gross revenue collections be deposited into a Retention Account for debt servicing.

A Debt Service Reserve Account (DSRA) of Rs.8 crores for the Corporate Debtor and Rs.2 crores for Neo was required, with Rs.3 crores remaining undisbursed as of 15.11.2022.

The Corporate Debtor availed two Emergency Credit Line Guarantee Scheme (ECLGS) facilities: Rs.98 crores on 29.12.2020 (ECLGS-1) and Rs.65 crores on 11.03.2022 (ECLGS-2), and Neo received Rs.19.5 crores on 30.12.2020.

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## Issues and analysis

### Issue 1: Whether Omkara Asset Reconstruction Pvt. Ltd. is a financial creditor within the meaning of Section …

**Ratio:** Section 5(7) of the IBC unequivocally includes a person to whom financial debt has been

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**Reasoning:** Omkara's status as a financial creditor was established by the Assignment Agreement dated

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**Interpretation:** The definition of 'financial creditor' is broad, covering assignees. Issue

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**Application:** The challenge to Omkara's status as a financial creditor is barred because the

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## Parties

- **Judges:** AUGUSTINE GEORGE…; DIPANKAR…
- **Appellants:** Deepak R…; Omkara Asset…
- **Respondents:** GSTAAD HOTELS…; NEO CAPRICORN…; +2 more
- **Other parties:** Piramal Finance…; Piramal Capital…; +2 more

## Timeline

- **26 December 2017 — Loan Agreement…**: Piramal Finance Ltd. (later PCHFL) extended a term loan facility of Rs.600 crores to…
- **2018-01-XX — Cash Management…**: A CMA was executed between the Lender, Corporate Debtor, and Hotel Operator, stipulating…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 62 — Appeal to Supreme Court](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-62)

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