Aditya Birla Capitla Pvt. Ltd. Vs Spectra India Eco Projects Pvt. Ltd. (NCLT Hyderabad)
The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for an alleged default of Rs. 7,47,59,548. The Financial Creditor stated that it had sanctioned a loan facility of Rs. 20 crore to the Corporate Debtor through a sanction letter dated 25.03.2021, out of which Rs. 16.33 crore was disbursed.
To secure the facility, a Facility Agreement dated 27.03.2021 was executed, followed by a Memorandum of Entry (Deposit of Title Deeds) dated 31.03.2021 creating a mortgage over certain properties. Personal guarantees were also executed by several guarantors to secure repayment obligations. Additionally, the Corporate Debtor hypothecated its current and non-current assets, present and future, through a Deed of Hypothecation dated 30.03.2021, and an Escrow Agreement was executed on the same date.
According to the Financial Creditor, the Corporate Debtor was required to repay the facility through equated monthly instalments commencing from 15.04.2022. However, the Corporate Debtor allegedly defaulted in payment of instalments from 15.11.2024. Consequently, a recall notice was issued recalling the credit facilities and demanding repayment of the outstanding dues. Thereafter, a demand notice under Section 13(2) of the SARFAESI Act, 2002 was also issued. The Financial Creditor asserted that as of 27.10.2025, an amount of Rs. 7,47,59,548 remained unpaid. It was also stated that separate applications under Section 95 of the IBC had been filed against the personal guarantors.
