# In the matter of KRISTAL PROJECTS (INDIA) LIMITED

> NCLT judgment dated 2026-04-07. Citation: TCN-2026-NCLT-00311. The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 7 Apr 2026
- **Citation:** TCN-2026-NCLT-00311
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/kristal-projects-india-limited-622e3c5a

## Summary

### Background

The case involves an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed by Omkara Asset Reconstruction Private Limited (Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Kristal Projects (India) Limited (Corporate Debtor) due to a default on a financial debt.

## Facts

Omkara Asset Reconstruction Private Limited filed a petition under Section 7 of the I&B Code 2016 to initiate CIRP against Kristal Projects (India) Ltd.

The Corporate Debtor defaulted on a total outstanding amount of Rs. 135,59,84,933/-.

The Date of Default is 18.02.2019 as mentioned in memo dated 20.03.2026.

The Petitioner/Financial Creditor was incorporated on 19.03.2014.

DHFL had sanctioned a sum of Rs. 35,00,00,000/- to Kristal Infrastructure Limited (‘Principal Borrower').

A Deed of Corporate Guarantee dated 26.09.2011 was executed by the respondent to secure the said Loan availed by the Principal Borrower from the Financial Creditor.

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## Issues and analysis

### Issue 1: Whether the moratorium under Section 14 …

**Ratio:** The moratorium under Section 14 of the

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**Reasoning:** The Hon'ble Supreme Court in Lalit Kumar Jain v. Union of India, (2021) 9 SCC 321, held

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**Interpretation:** The liability of the guarantor remains independent and enforceable

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**Application:** The liability of the Corporate Debtor, being co-extensive with that of the

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Omkara Assets…; Omkara Assets…
- **Respondents:** Kristal Projects…; Kristal Projects…
- **Other parties:** Omkara Assets…; Nilesh Rajendra…; +1 more

## Timeline

- **2019-02-18 — Date of D…**: The Date of Default is…
- **2025-10-15 — Ex-parte…**: The Respondent was set ex-parte…

## 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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