# In the matter of Indian Bank vs. SSJV Projects Private Limited

> NCLT judgment dated 2025-07-04. Citation: TCN-2025-NCLT-00767. Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 4 Jul 2025
- **Citation:** TCN-2025-NCLT-00767
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/indian-bank-vs-ssjv-projects-private-limited-840a9c3f

## Summary

### Background

Indian Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against SSJV Projects Private Limited due to a default of Rs. 412,59,38,084/- as of 31/08/2022.

## Facts

Indian Bank, the Financial Creditor, filed a petition under Section 7 of the IBC against SSJV Projects Private Limited.

The Corporate Debtor defaulted on a payment of Rs. 412,59,38,084/- as of 31/08/2022, with the date of default being 30/09/2010.

The Financial Creditor sanctioned loan facilities to the Corporate Debtor, including bank guarantees and letters of credit.

The Corporate Debtor's loan account was classified as NPA on 30/09/2010 due to irregularities and failure to regularize the account.

The Corporate Debtor submitted multiple One Time Settlement (OTS) proposals to the Financial Creditor, which were not accepted.

The Corporate Debtor's audited financial statements acknowledged the loan liability.

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## Issues and analysis

### Issue 1: Whether the petition is …

**Ratio:** The Hon'ble Supreme Court in Dena Bank v. C. Shivakumar Reddy (2021) 10 SCC 330 held that

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**Reasoning:** The Corporate Debtor's audited financial statements from FY 2010-11 to FY 2022-23

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**Interpretation:** The acknowledgment of debt in the financial statements and OTS proposals

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**Application:** The Adjudicating Authority concluded that the petition filed on 05/12/2022 was

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Indian…
- **Respondents:** SSJV Projects…
- **Other parties:** Ravi Sankar…
- **Advocates:** H.R.K…; Nupoor Ma…

## Timeline

- **2010-09-30 — NPA Decla…**: Loan facilities classified as NPA due to irregularities in the loan account and failure…
- **2022-12-05 — Applicatio…**: Indian Bank filed the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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