# In the matter of HDFC Bank Ltd. vs. Hema Engineering Industries Ltd.

> Read the full IBC case summary for In the matter of HDFC Bank Ltd. vs. Hema Engineering Industries Ltd.. NCLAT judgment dated 2025-08-05. Citation:…

- **Court:** NCLAT
- **Order date:** 5 Aug 2025
- **Citation:** TCN-2025-NCLAT-00459
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/hdfc-bank-ltd-vs-hema-engineering-industries-ltd-ada9e59e

## Summary

### Background

The appeal was filed by HDFC Bank Ltd. under Section 61 of the Insolvency and Bankruptcy Code, 2016, challenging an order dated February 4, 2025, passed by the National Company Law Tribunal, New Delhi, Court-III. The NCLT had rejected HDFC Bank's application (IA-4610/2022) which sought permission to realize its security interest and deposit dues under Section 53 of the IBC after such realization.

## Facts

An application under Section 9 of the IBC was filed by an Operational Creditor, M/s PR Rolling Mills Pvt. Ltd., leading to the initiation of the CIRP Process against the Corporate Debtor on April 5, 2022. Subsequently, as no Resolution Plan was approved, liquidation was initiated, and Mr. Vikas Garg was appointed as the liquidator on May 17, 2022.

A public announcement was made under Section 38 of the IBC read with Regulation 12 of the Liquidation Regulations, 2016, inviting claims from stakeholders, with the last date for submission being June 16, 2022. HDFC Bank Ltd. submitted Form D on June 1, 2022, for an amount of Rs. 87,61,99,358.13, seeking to realize its security interest outside the liquidation estate under Section 52 of the IBC.

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## Issues and analysis

### Issue 1: Whether the timeline provided under Regulation 21A of the Liquidation Regulations, 2016, for…

**Ratio:** The timeline provided under Regulation 21A of the Liquidation Regulations, 2016, for…

**Reasoning:** The NCLAT, relying on various precedents, held that the timeline provided under…

**Interpretation:** The court interpreted Regulation 21A as imposing a strict obligation on secured…

**Application:** HDFC Bank failed to deposit the dues within the stipulated 90-day period,…

## Parties

- **Judges:** Mohd. Faiz Alam…
- **Advocates:** Krishnendu…; Niti…; +3 more

## Timeline

- **April 5, 2022 — CIRP Init…**: CIRP Process initiated against the Corporate Debtor based on a petition filed by M/s PR…
- **May 17, 2022 — Liquidator App…**: Liquidation initiated and Mr. Vikas Garg appointed as the liquidator of the Corporate…

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