# Srei Equipment Finance Ltd vs. Vijay Mining & Infra Corp Pvt Ltd

> NCLT judgment dated 2026-09-08. Citation: TCN-2026-NCLT-00943. Srei Equipment Finance Ltd (Financial Creditor) initiated a Corporate Insolvency Resolution…

- **Court:** NCLT
- **Order date:** 8 Sept 2026
- **Citation:** TCN-2026-NCLT-00943
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-amaravati/srei-equipment-finance-ltd-vs-vijay-mining-infra-corp-pvt-ltd-yp676

## Summary

### Background

Srei Equipment Finance Ltd (Financial Creditor) initiated a Corporate Insolvency Resolution Process (CIRP) against Vijay Mining & Infra Corp Pvt Ltd (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), for a default amount of Rs.126,86,69,150/- as of 14.10.2025. The debt originated from various financial facilities, which were later restructured through Master Facility Agreements and a Terms of Settlement (ToS) dated 30.11.2020, where a settlement of Rs.55,00,00,000/- was agreed upon. The Corporate Debtor failed to adhere to the repayment schedule, leading to the Financial Creditor's cancellation of the ToS and subsequent filing of the Section 7 petition. The petition faced initial procedural hurdles, including defect notices and a

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## Facts

Srei Equipment Finance Ltd (Financial Creditor) filed a Section 7 IBC petition against Vijay Mining & Infra Corp Pvt Ltd (Corporate Debtor) for defaulting on a debt of Rs.126,86,69,150/- as on 14.10.2025.

The Financial Creditor is a registered Non-Banking Financial Company (NBFC), and the Corporate Debtor is in the business of engineering and mining projects.

The Corporate Debtor availed various financial facilities from the Financial Creditor, which were subsequently restructured through Master Facility Agreements (MFAs) dated 15.05.2019, totaling Rs.109,15,00,001/-.

The Corporate Debtor executed ten deeds of hypothecation to secure the credit facilities.

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## Issues and analysis

### Issue 1: Whether the present Petition is filed …

**Ratio:** An acknowledgement of liability in the Corporate Debtor's balance sheet, as per Section

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**Reasoning:** The Financial Creditor relied on the date of default as 01.11.2022, derived from the

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**Interpretation:** The Adjudicating Authority referred to Supreme Court and NCLAT judgments (e.g.,

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**Application:** Since the Corporate Debtor's balance sheet as on 31.03.2023 acknowledged its

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## Parties

- **Judges:** KISHORE VEMULAPALL…; UMESH KUMAR…
- **Appellants:** SREI EQUIPMENT…; SREI Equipment…
- **Respondents:** Vijay Mining &…
- **Other parties:** Committee of…; C. Vijay Shekar…; +3 more
- **Advocates:** Mr.Ananth M…; Narendar…; +2 more

## Timeline

- **2024-03-28 — Board Reso…**: Board Resolution of the Financial Creditor…
- **2025-03-21 — Power of At…**: Power of Attorney issued by the Chief Executive Officer of the Financial Creditor to Mr.…

## 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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