IN THE NATIONAL COMPANY LAW TRIBUNAL

NEW DELHI, COURT-III

R.C.P.(IB)–6(ND)/2023

(Old Case C.P.(IB)-120(ND)/2021)

(Order under Section 7 of the IBC, 2016 Rule 4 of the Insolvency and

Bankruptcy (Application to Adjudicating Authority), Rules, 2016)

IN THE MATTER OF:

M/s. CAPITAL TRADE LINKS LIMITED

Having its Registered Office at:

Capital House, 8-4, LGF, Ashoka Niketan,

New Delhi-110092.

Through its Authorised Person:

Mr. Arya Jadon

…… Applicant/ Financial Creditor

VERSUS

M/s. KDP BUILDWELL PRIVATE LIMITED

(Through its Director Mr. Manoj Kumar Goyal)

Having Its Registered Office at:

A-213, 2nd Floor, Shanti Gopal Chamber,

Vikas Marg, Shakarpur,

New Delhi 110092.

Also at:

Plot no. 1833, Swaran Jayanti Puram,

Ghaziabad - 201013 (UP).

…… Respondent/Corporate Debtor Order Pronounced On: 28.08.2024

CORAM:

SHRI BACHU VENKAT BALARAM DAS, HON'BLE MEMBER (JUDICIAL)

SHRI ATUL CHATURVEDI, HON'BLE MEMBER (TECHNICAL)

APPEARANCES:

For the Financial Creditor : Mr. Shashwat Srivastava, Adv For the Corporate Debtor : Mr. Rishi Kapoor, Mr. Deboleena Dutta, Advs.

ORDER

PER: BACHU VENKAT BALARAM DAS, MEMBER (JUDICIAL)

1. This Application has been filed by Mr. Arya Jadon, Authorised Representative of M/s. Capital Trade Links Limited, the Financial Creditor (for brevity “Applicant”) before this Adjudicating Authority under Section 7 of the Insolvency and Bankruptcy Code, 2016 (“IBC” or “Code”) r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking an Order to initiate Corporate Insolvency Resolution Process (“CIRP”), declaring moratorium and for appointment of Interim Resolution Professional (“IRP”), against M/s. KDP Buildwell Private Limited, the Respondent/Corporate Debtor for debt of Rs. 14,20,43,514/- (Rupees Fourteen Crore Twenty Lakh Forty Three Thousand Five Hundred Fourteen) outstanding as on 20.03.2020. The Corporate Debtor is registered with Registrar of Companies, Delhi & Haryana and is therefore within the jurisdiction of this Adjudicating Authority.

2. Brief Background of the Case i. M/s. Bigmoon Buildcon Private Limited (hereinafter referred to as "Borrower")

having CIN no. U70109DL2011PTC221077 and its registered office at A-213, 2nd Floor, Shanti Gopal Chamber, Vikas Marg, New Delhi- 110092 is a wholly owned subsidiary Company of the Corporate Debtor, i.e., M/s. KDP Buildwell Private Limited. Vide a request letter dated 29.02.2016, the Borrower had approached the Financial Creditor/Applicant for a Loan of Rs. 3,50,00,000/-

(Rupees Three Crore Fifty Lakh only).

ii. The Corporate Debtor i.e., M/s. KDP Buildwell Pvt. Ltd., which is a holding company of the borrower and its Directors in their personal capacity vide their letters dated 10.03.2016 had offered Corporate Personal Guarantee towards repayment of the loan amount along with interest. As a token of security, Cheque no. 071749 drawn on Central Bank of India, Sehani Branch, Meerut Road, Ghaziabad - 201003 for a sum of Rs. 3,50,00,000/-(Rupees Three Crore Fifty Lakh Only) was handed over by Corporate Debtor in favour of the Financial Creditor.

iii. The Financial Creditor, keeping in view the request of the borrower coupled with the Corporate and Personal Guarantee furnished by the Corporate Debtor and its Directors with a cheque of Rs. 3.50 Crore and various promises made for timely repayment of loan amount along with interest, had granted and disbursed the Loan for an amount of Rs. 3,50,00,000/- (Rupees Three Crore Fifty Lakh Only) on 10.03.2016.

iv. The Principal Bench of National Company Law Tribunal in CP (IB)-572 (PB)/2019 vide its Order dated 03.09.2019 initiated the Corporate Insolvency Resolution Process (CIRP) against M/s. Bigmoon Buildcon Private Limited, the Borrower and the same is pending adjudication.

v. The Financial Creditor vide its letter dated 06.12.2019 sent a notice of Invocation of Guarantee and demanded the outstanding loan amount along with interest thereon.

vi. The Financial Creditor filed the present Section 7 Application bearing CP (IB)-

120(ND)/