# In the matter of Turnest Resources Private Limited

> NCLT judgment dated 2025-11-07. Citation: TCN-2025-NCLT-01723. HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 7 Nov 2025
- **Citation:** TCN-2025-NCLT-01723
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/turnest-resources-private-limited-eb7b56e4

## Summary

### Background

HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Turnrest Resources Private Limited, claiming a default of Rs. 30,50,29,341.25. Turnrest Resources Private Limited filed an Interlocutory Application (IA/1078(AHM)/2025) under Section 65 of the IBC, alleging that the petition was filed with fraudulent and malicious intent.

## Facts

HDFC Bank Limited sanctioned and disbursed various credit facilities to Turnrest Resources Private Limited from December 2020 onwards, aggregating to a total financial exposure of approximately Rs. 160 crores.

The Corporate Debtor defaulted in payment of the outstanding Financial Debt of Rs.30,50,29,341.25ps including interest, with the date of default stated as 16.07.2024.

The Corporate Debtor acknowledged its liability towards the Financial Creditor to the tune of Rs. 91,85,91,810/- vide letter dated 01.10.2023.

The Financial Creditor issued a show cause notice dated 05.07.2024 and a Loan Recall notice dated 14.08.2024 demanding payment of Rs. 66,50,06,262.87/-.

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has successfully established the existence of a financial debt and …

**Ratio:** The Hon'ble Supreme Court in Innoventive Industries Ltd. v. ICICI Bank [(2018) 1 SCC 407]

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**Reasoning:** The Financial Creditor placed on record comprehensive documentation under Section 7(3),

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**Interpretation:** These documents unequivocally establish the existence of financial debt and a

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**Application:** The Tribunal found that the Corporate Debtor did not dispute the availing of

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## Parties

- **Judges:** SHAMMI…; SANJEEV S…
- **Appellants:** HDFC Bank L…
- **Respondents:** Turnrest Resources…; Turnrest Resources…
- **Other parties:** Avadh Infrastructu…; Rameshbhai…; +10 more
- **Advocates:** Jay Kan…; Vinisha…; +2 more

## Timeline

- **2020-12-01 — Credit Facilities…**: HDFC Bank Limited sanctioned and disbursed various credit facilities to Turnrest…
- **2023-10-01 — Acknowledgemen…**: The Corporate Debtor acknowledged its liability towards the Financial Creditor to the…

## 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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