# Omkara Assets Reconstruction Private Limited vs. Sriram Infraprojects & Ventures Private Limited

> NCLT judgment dated 2026-09-28. Citation: TCN-2026-NCLT-01102. Omkara Assets Reconstruction Private Limited, as the Financial Creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 28 Sept 2026
- **Citation:** TCN-2026-NCLT-01102
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/sriram-infraprojects-ventures-private-limited-ph7sz

## Summary

### Background

Omkara Assets Reconstruction Private Limited, as the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Sriram Infraprojects & Ventures Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The petition sought to recover an outstanding debt of Rs. 81,66,47,159/-. The debt originated from a project loan sanctioned by Dewan Housing Finance Corporation Limited (DHFL) to the Corporate Debtor for the 'Sriram Riverwoods' project. This loan was subsequently assigned to Piramal Capital & Housing Finance Limited (PCHFL) and then to Omkara Assets Reconstruction Private Limited. The Corporate Debtor defaulted on its payment obligations, leading to its account being

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## Facts

A petition was filed on 03.02.25 under Section 7 of the Insolvency and Bankruptcy Code, 2016 by Omkara Assets Reconstruction Private Limited.

The Petitioner/Financial Creditor is Omkara Assets Reconstruction Private Limited.

The Respondent/Corporate Debtor is Sriram Infraprojects & Ventures Private Limited.

The total outstanding debt as on 10.12.2024 is Rs. 81,66,47,159/-, comprising principal (Rs. 17,87,96,933/-), interest (Rs. 31,99,10,653/-), and penal interest (Rs. 31,79,39,573/-).

The date of default is 30.09.2018.

The loan facilities were assigned to Omkara Assets Reconstruction Private Limited by Piramal Capital & Housing Finance Limited ('PCHFL') via a Deed of Assignment dated 10.01.2023.

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## Issues and analysis

### Issue 1: Whether a financial debt exists …

**Ratio:** Under Section 7 of the Insolvency & Bankruptcy Code, the Adjudicating Authority must

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**Reasoning:** The material on record, including the loan documents (Sanction Letter, Loan Agreement,

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**Interpretation:** The Adjudicating Authority's role at the admission stage of a Section 7

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**Application:** Given the clear documentation of the loan, its assignment, the disbursement of

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## Parties

- **Judges:** Shri. Sunil Kumar…; Shri. Radhakrishna…
- **Appellants:** Omkara Assets…
- **Respondents:** Sriram Infraprojec…
- **Other parties:** Committee of…; PIRAMAL CAPITAL &…; +4 more
- **Advocates:** Ld. Counsel for…

## Timeline

- **2015-06-27 — Loan Sanc…**: Dewan Housing Finance Corporation Limited (DHFL) sanctioned a Project Loan of Rs.…
- **2015-06-30 — Loan Agreement &…**: Sriram Infraprojects & Ventures Private Limited executed a Loan Agreement, Deed of Simple…

## 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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