# In the matter of Vikram Bhavanishankar Sharma vs. State Bank of India & Anr.

> NCLAT judgment dated 2025-08-20. Citation: TCN-2025-NCLAT-00437. This appeal is filed by a suspended director of Supreme Panvel Indapur Tollways Pvt. Ltd.…

- **Court:** NCLAT
- **Order date:** 20 Aug 2025
- **Citation:** TCN-2025-NCLAT-00437
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vikram-bhavanishankar-sharma-vs-state-bank-of-india-anr-a9cfb408

## Summary

### Background

This appeal is filed by a suspended director of Supreme Panvel Indapur Tollways Pvt. Ltd. challenging the order dated 30.08.2024 passed by the National Company Law Tribunal (NCLT), Chandigarh Bench, Chandigarh, which admitted a Section 7 application by State Bank of India (SBI).

## Facts

A Common Loan Agreement was executed on 30.08.2011 between a consortium of banks led by SBI and Supreme Panvel Indapur Tollways Pvt. Ltd. for a financial facility of Rs. 900 crore.

The corporate debtor defaulted on loan repayment, and the account was declared NPA on 01.11.2016.

A Tripartite Agreement was entered between NHAI, the corporate debtor, and the lenders on 09.11.2016, with NHAI providing finance of ₹540 crore.

The corporate debtor sent revival letters to the lender, admitting liability on 16.01.2018 and 23.12.2020.

SBI filed a Section 7 application on 11.05.2023, claiming a default of ₹610,25,39,513/- as on 17.04.2023.

The corporate debtor opposed the Section 7 application, arguing that the Tripartite Agreement novated the Common Loan Agreement.

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## Issues and analysis

### Issue 1: Whether the Tripartite Agreement dated 09.11.2016 novated the Common Loan Agreement dated …

**Ratio:** The Tripartite Agreement did not

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**Reasoning:** The Agreement clearly noticed about the loan dated 30.08.2011 taken by the corporate

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**Interpretation:** The Tripartite Agreement only provided a manner of repayment of the loan and

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**Application:** The NCLAT rejected the appellant's submission that the Tripartite Agreement

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## Parties

- **Judges:** Ashok Bh…
- **Appellants:** Vikram Bhavanishan…
- **Respondents:** Supreme Panvel…; State Bank of…
- **Other parties:** State Bank of…
- **Advocates:** Ishaan D…; Abhirup Da…; +3 more

## Timeline

- **30.08.2011 — Common Loan A…**: A Common Loan Agreement was executed between a consortium of banks led by SBI and the…
- **01.11.2016 — NPA Decla…**: The corporate debtor's account was…

## 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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