Prudent ARC Ltd. Vs Super Property Maintenance Pvt. Ltd. (NCLT Delhi)
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by the Financial Creditor seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor on account of default in repayment of financial debt. The Financial Creditor had acquired the debt from DBS Bank India Limited through an Assignment Agreement dated 28.04.2023. The debt originally arose from credit facilities granted by Lakshmi Vilas Bank, including a term loan and temporary overdraft facilities aggregating to Rs. 21.91 crore. The Corporate Debtor defaulted in repayment, and its account was classified as a Non-Performing Asset (NPA) on 24.04.2018.
The Financial Creditor submitted that recovery proceedings had been initiated under the SARFAESI Act, 2002, including notices under Sections 13(2) and 13(4), and an original application before the Debt Recovery Tribunal remained pending. Meanwhile, a winding-up petition against the Corporate Debtor had been admitted by the Delhi High Court, which had appointed an Official Liquidator. Subsequently, on an application under Section 434 of the Companies Act, 2013, the Delhi High Court transferred the winding-up proceedings to the NCLT by order dated 18.08.2025 after recording that no auction or sale of assets had taken place, no substantive liquidation steps had been undertaken, and the Official Liquidator had no objection to the transfer, subject to liquidation expenses. The Financial Creditor claimed that Rs. 30,56,58,396.37 remained due as on 31.03.2026.
