# In the matter of TURNREST RESOURCES PRIVATE LIMITED

> NCLT judgment dated 2025-11-07. Citation: TCN-2025-NCLT-01589. 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-01589
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/turnrest-resources-private-limited-2967b67e

## Summary

### Background

HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Turnrest Resources Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition was filed due to default in payment of financial debt amounting to Rs. 30,50,29,341.25. Turnrest Resources Private Limited filed an Interlocutory Application (IA) under Section 65 of the IBC, alleging that the petition was filed with fraudulent and malicious intent.

## Facts

HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Turnrest Resources Private Limited.

The petition was filed due to default in payment of financial debt amounting to Rs. 30,50,29,341.25.

The date of default was stated to be 16.07.2024.

Turnrest Resources Private Limited filed an Interlocutory Application (IA) under Section 65 of the IBC, alleging that the petition was filed with fraudulent and malicious intent.

The Financial Creditor had extended various credit facilities to the Corporate Debtor under Letter of Credit, Cash Credit, SBLC for BC-WC, and PSR.

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.

…

## Issues and analysis

### Issue 1: Whether the Company Petition under Section 7 filed by HDFC Bank Limited (Financial Creditor) merits …

**Ratio:** The Adjudicating Authority (AA) is required to satisfy itself of a prima facie case of

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**Reasoning:** The Financial Creditor has placed on record comprehensive documentation under Section

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

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**Application:** The Corporate Debtor does not dispute the availing of credit facilities, the

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## Parties

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

## Timeline

- **2024-07-16 — Date of D…**: The date of default as…
- **2025-07-11 — Filing of Company…**: The Company Petition CP (IB) No.…

## 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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