# In the matter of Anil Singh vs. SREI Equipment Finance Ltd. & Anr.

> NCLAT judgment dated 2025-08-25. Citation: TCN-2025-NCLAT-00462. The appeal challenges the order dated 10.06.2025 passed by the National Company Law Tribunal,…

- **Court:** NCLAT
- **Order date:** 25 Aug 2025
- **Citation:** TCN-2025-NCLAT-00462
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/anil-singh-vs-srei-equipment-finance-ltd-anr-6f0f112b

## Summary

### Background

The appeal challenges the order dated 10.06.2025 passed by the National Company Law Tribunal, Guwahati Bench, rejecting the Intervention Petition No.(IBC)/1/GB/2024 filed by the Appellant in Section 7 proceedings initiated by Respondent No.1 against Respondent No.2.

## Facts

SREI Equipment Finance Ltd. filed a Section 7 application against Kitply Industries Ltd. (Corporate Debtor).

Kitply Industries Ltd. was admitted to CIRP by an order dated 01.05.2018.

Kitply Industries Ltd. was taken over by Plytinum Marketing Ltd.

SREI Equipment Finance Ltd. itself underwent CIRP.

An Administrator was appointed in SREI Equipment Finance Ltd. by the Reserve Bank of India.

The Appellant filed an Intervention Application on behalf of himself and 129 workers of Kitply Industries Ltd.

The Intervention Petition was filed under Section 65 of the IBC read with Rule 11 of the NCLT Rules, 2016, praying for dismissal of the Section 7 application.

The Adjudicating Authority rejected the Intervention Petition.

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority was correct in rejecting the Intervention Petition filed by the …

**Ratio:** The Adjudicating Authority should consider allegations of fraudulent and malicious intent

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**Reasoning:** The IBC prohibits malicious or fraudulent initiation of CIRP, and when such allegations

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**Interpretation:** The Adjudicating Authority cannot reject an application under Section 65 solely

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**Application:** The Appellate Tribunal set aside the order rejecting the Intervention Petition

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Anil S…
- **Respondents:** Kitply Industries…; SREI EQUIPMENT…
- **Other parties:** IDBI Bank…; 129 workers of…
- **Advocates:** Krishnendu…; Aakansha…; +10 more

## Timeline

- **2025-08-25 — Judgment…**: The date on which the judgment was delivered by the National Company Law Appellate…
- **2025-06-10 — Order Chal…**: Order passed by the National Company Law Tribunal, Guwahati Bench, rejecting Intervention…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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