# Nova Infrastructure Developers Ltd. v. State Bank of India

> Nova Infrastructure Developers Ltd. v. State Bank of India — detailed IBC case summary, facts, issues, and ratio decidendi.

- **Court:** NCLAT
- **Order date:** 14 Feb 2025
- **Citation:** IBC-2025-NCLAT-000001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/nova-infrastructure-developers-ltd-v-state-bank-of-india-23741

## Summary

### Background

Nova Infrastructure Developers Ltd. appealed before the National Company Law Appellate Tribunal against the admission order passed by NCLT Mumbai in the Section 7 application filed by State Bank of India. The corporate debtor contended that the Tribunal failed to consider reconciled account statements showing Rs. 47 crore in unapplied collections from pre-sales that ought to have reduced outstanding principal.

It was further argued that admission was premature because a joint lender forum meeting scheduled for July 2024 could have finalized restructuring, and that denial of personal hearing on disputed invoices rendered the order violative of natural justice.

…

## Facts

The appeal was filed within thirty days of admission order with stay application pending for six weeks during which RP continued limited administrative functions without asset disposal.

Appellant placed reliance on reconciliation spreadsheets prepared by internal CFO showing mismatch between ERP receivables and bank loan statements. SBI rebutted with audit trail of escrow credits applied to term loan per lender consortium agreement dated 2017.

Promoter affidavit alleged coercion in signing acknowledgment of debt during annual review meeting; SBI denied and produced signed acknowledgment with board minutes ratification.

…

## Issues and analysis

### Issue 1: Whether disputed quantum of debt…

**Ratio:** Innoventive Industries Ltd. v. ICICI Bank — financial creditor admission requires showing…

**Reasoning:** Disputes raised post demand notice without prior adjudication or undisputed documentary…

**Interpretation:** NCLAT distinguishes existence from quantum; latter resolved in CIRP claims…

**Application:** Quantum reconciliation plea rejected at…

## Parties

- **Judges:** Ashok Bh…; INDIRA BA…
- **Appellants:** Nova Infrastructur…
- **Respondents:** State Bank of…
- **Other parties:** Mr. Rajesh Kumar…
- **Advocates:** Mukul Ro…; Abhishek Manu…

## Timeline

- **8 February 2024 — Admission b…**: Mumbai Bench admits SBI Section 7…
- **10 July 2024 — Appeal f…**: Corporate debtor prefers…

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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/nova-infrastructure-developers-ltd-v-state-bank-of-india-23741