# Kunal Structure India Pvt. Ltd. & Anr. vs. Kotak Mahindra Bank Ltd.

> NCLAT judgment dated 2026-05-08. Citation: TCN-2026-NCLAT-00200. Kotak Mahindra Bank Ltd. (Financial Creditor) filed a Section 7 application under the IBC…

- **Court:** NCLAT
- **Order date:** 8 May 2026
- **Citation:** TCN-2026-NCLAT-00200
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/kunal-structure-india-pvt-ltd-anr-vs-kotak-mahindra-bank-ltd-fy9jm

## Summary

### Background

Kotak Mahindra Bank Ltd. (Financial Creditor) filed a Section 7 application under the IBC against Kunal Structure India Pvt. Ltd. (Corporate Debtor) for a financial debt. The Corporate Debtor contended that it had significant arbitral awards against government entities, exceeding the claimed debt, and that execution proceedings for these awards were pending. Initially, the NCLT kept the Section 7 application in abeyance. Subsequently, a split verdict occurred between the Judicial and Technical Members of the NCLT, leading to a reference to a third Member. The third Member opined in favor of admitting the Corporate Debtor into CIRP, which the Corporate Debtor challenged in the present appeal before the NCLAT.

## Facts

Kotak Mahindra Bank Ltd. sanctioned various credit facilities to Kunal Structure India Pvt. Ltd. between September 2017 and March 2021.

Loan recall notices were issued by Kotak Mahindra Bank Ltd. to Kunal Structure India Pvt. Ltd. on 13.11.2021, 19.01.2022, and 27.01.2022.

Kotak Mahindra Bank Ltd. filed Company Petition (IB) No.76 of 2022 against Kunal Structure India Pvt. Ltd., claiming a financial debt of Rs.18,11,06,790.12 as of 19.01.2022.

Kunal Structure India Pvt. Ltd. objected to the Section 7 application, arguing against clubbing 21 loan agreements and highlighting its role as a contractor for government infrastructure projects with 728 employees and 15 current projects.

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## Issues and analysis

### Issue 1: Whether the admission of Corporate Debtor into CIRP can be once again kept in abeyance based on the …

**Ratio:** The NCLAT did not rule on the merits of this issue in the present appeal, as the appeal

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**Reasoning:** The NCLAT held that the appeal was premature because the third Member's opinion was not a

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**Interpretation:** The NCLAT emphasizes that an opinion from a third member in a split verdict

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**Application:** The NCLAT directed the parties to appear before the Adjudicating Authority

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Respondents:** Kunal Structure…; Kotak Mahindra…
- **Other parties:** Axis Ban…; SBI…; +2 more
- **Advocates:** Abhijeet…; Vishwas V…; +9 more

## Timeline

- **2017-09-01 — Credit Facilities…**: Kotak Mahindra Bank Ltd. sanctioned various credit facilities to Kunal Structure India…
- **2018-01-25 — Arbitral Awards against Rajkot Municipal…**: Kunal Structure India Pvt. Ltd. obtained two Arbitral Awards against Rajkot Municipal…

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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclat-new-delhi/kunal-structure-india-pvt-ltd-anr-vs-kotak-mahindra-bank-ltd-fy9jm