# Kotak Mahindra Bank vs. Krriyan Kontainers Pvt. Ltd.

> NCLT judgment dated 2026-08-04. Citation: TCN-2026-NCLT-00804. Kotak Mahindra Bank Limited, a Financial Creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 4 Aug 2026
- **Citation:** TCN-2026-NCLT-00804
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/kotak-mahindra-bank-vs-krriyan-kontainers-pvt-ltd-6u23v

## Summary

### Background

Kotak Mahindra Bank Limited, a Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s. Krriyan Kontainers Private Limited, a Corporate Guarantor. The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) due to a default on a debt of Rs.9,99,66,071/20. This debt arose from financial facilities extended to a principal borrower, M/s. Attharv Sai Flexipack Private Limited, for which Krriyan Kontainers Private Limited had provided a corporate guarantee. The principal borrower's account was declared a Non-Performing Asset (NPA) on 09.06.2025, and the guarantees were invoked.

## Facts

Kotak Mahindra Bank Limited (Petitioner/Financial Creditor) filed a petition under Section 7 of the IBC, 2016.

The petition was filed against M/s. Krriyan Kontainers Private Limited (Respondent/Corporate Guarantor).

The petition sought initiation of CIRP for a default in paying a debt of Rs.9,99,66,071/20, comprising principal and interest.

The date of default was 05.12.2025.

The Petitioner is a Banking Company incorporated under the Companies Act, 1956, and governed by the Banking Regulations Act.

The petition was filed on 02.03.2026 by Ms. Ishani Mukherjee, Manager, authorized by a Board Resolution dated 10.03.2026.

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the IBC by Kotak Mahindra Bank Limited against M/s. …

**Ratio:** A petition under Section 7 of the IBC is admissible if filed by a Financial Creditor,

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**Reasoning:** The Petitioner, Kotak Mahindra Bank Limited, is a banking company and thus a Financial

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**Interpretation:** The Adjudicating Authority's primary role in a Section 7 petition is to

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**Application:** The Petitioner provided comprehensive financial documents, including a

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Kotak Mahindra…
- **Respondents:** M/s. Krriyan…
- **Other parties:** Suresh K…
- **Advocates:** Akshay…; Shashank Na…

## Timeline

- **2024-02-15 — Financial Facility…**: Sanctioned letter for financial facility issued to the principal borrower, M/s. Attharv…
- **2024-02-22 — Guarantee Deed…**: Deed of guarantee executed by the Respondent,…

## 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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