# In the matter of SREI Infrastructure Finance Ltd. and Anr. vs. Kolkata Municipal Corporation and Ors.

> HC judgment dated 2025-05-02. Citation: TCN-2025-HC-00011. The petitioner, SREI Infrastructure Finance Limited, filed a writ petition challenging notices…

- **Court:** HC
- **Order date:** 2 May 2025
- **Citation:** TCN-2025-HC-00011
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/high-courts-new-delhi/srei-infrastructure-finance-ltd-and-anr-vs-kolkata-municipal-corporation-and-ors-2895cc22

## Summary

### Background

The petitioner, SREI Infrastructure Finance Limited, filed a writ petition challenging notices issued by the Kolkata Municipal Corporation (KMC) that retrospectively enhanced the annual value of the petitioner's property, leading to increased property tax demands. The KMC's actions were taken despite the petitioner undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The petitioner argued that the KMC's claims were extinguished due to the approval of a resolution plan under the IBC.

## Facts

SREI Infrastructure Finance Limited, the petitioner, is the owner of a property in Kolkata. The Kolkata Municipal Corporation (KMC) issued notices dated 04.06.2024, supplementary bills dated 16.06.2024, and a letter of intent and notice of demand dated 16.11.2024, retrospectively enhancing the annual value of the property from 2017. This resulted in increased property tax demands. The petitioner is a Non-Banking Financial Company (NBFC) and was undergoing Corporate Insolvency Resolution Process (CIRP) under the Insolvency and Bankruptcy Code (IBC), 2016. The Reserve Bank of India (RBI) had superseded the Board of Directors and appointed an administrator. A resolution plan proposed by the National Asset Reconstruction Company Ltd. was approved by the Adjudicating

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## Issues and analysis

### Issue 1: Whether the retrospective enhancement of the annual value of the petitioner's property by the …

**Ratio:** The ratio decidendi is that once a resolution plan is approved under the IBC, all claims

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**Reasoning:** The court reasoned that the Supreme Court in *Essar Steel India Ltd.* and *Ghanshyam

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**Interpretation:** The IBC aims to consolidate and amend the laws relating to reorganization and

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**Application:** In this case, the KMC's retrospective enhancement of the property's annual

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## Parties

- **Judges:** Gaurang…
- **Respondents:** SREI Infrastructur…; The Kolkata…

## Timeline

- **2021-10-04 — RBI Supersedes Board of…**: The Reserve Bank of India (RBI) superseded the Board of Directors of SREI Infrastructure…
- **2021-10-08 — CIRP Init…**: The Learned Adjudicating Authority admitted the application filed by the RBI under the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 31 — Approval of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-31)

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