# In the matter of Vikram Sharma vs. Canara Bank

> NCLAT judgment dated 2026-04-10. Citation: TCN-2026-NCLAT-00083. This appeal was filed by the Suspended Director of the Corporate Debtor (CD), challenging the…

- **Court:** NCLAT
- **Order date:** 10 Apr 2026
- **Citation:** TCN-2026-NCLAT-00083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/vikram-sharma-vs-canara-bank-f8a2e525

## Summary

### Background

This appeal was filed by the Suspended Director of the Corporate Debtor (CD), challenging the order dated 25.08.2025 passed by the National Company Law Tribunal (NCLT), Mumbai Bench, which admitted a Section 7 application initiating Corporate Insolvency Resolution Process (CIRP) against the CD.

## Facts

The Corporate Debtor (CD), Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Pvt. Ltd., was incorporated on 31.12.2011 as a Special Purpose Vehicle (SPV) to execute a road project.

The CD availed finance from a Consortium of Lenders amounting to Rs.247.50 crores in 2012.

The Financial Creditor, Canara Bank, sanctioned a term loan of Rs.75 crores and disbursed Rs.85.80 crores to the CD.

The Public Works Department (PWD) failed to issue a Provisional Completion Certificate.

The CD invoked arbitration against the PWD, and an arbitral award of Rs.318,94,70,738/- was awarded to the CD on 21.06.2022.

The CD committed default in repayment to the Financial Creditor, and the account was declared NPA on 30.07.2017.

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority erred in …

**Ratio:** The Adjudicating Authority has the discretion to admit or reject a Section 7 application,

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**Reasoning:** The Appellate Tribunal considered the judgment of the Hon'ble Supreme Court in Vidarbha

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**Interpretation:** The Appellate Tribunal interpreted the judgment in Vidarbha Industries Power

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**Application:** In this case, the Appellate Tribunal found that the Corporate Debtor was not

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## Parties

- **Judges:** Ashok Bh…; Barun M…
- **Appellants:** Vikram S…
- **Respondents:** Supreme Best…; Canara…
- **Other parties:** IRP…
- **Advocates:** Shyam Ka…; Yash Dh…; +1 more

## Timeline

- **2011-12-31 — Incorpor…**: Supreme Best Value Kolhapur (Shiroli)…
- **2012-00-00 — Finance A…**: CD availed finance from Consortium of…

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