# In the matter of Right Towers Private Limited C.P. (IB) No. 505-KB-2017

> NCLT judgment dated 2019-07-24. Citation: TCN-2019-NCLT-02334. SREI Infrastructure Finance Ltd. filed an application under Sections 55-58 of the Insolvency &…

- **Court:** NCLT
- **Order date:** 24 Jul 2019
- **Citation:** TCN-2019-NCLT-02334
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/right-towers-private-limited-cp-ib-no-505-kb-2017-0977be60

## Summary

### Background

SREI Infrastructure Finance Ltd. filed an application under Sections 55-58 of the Insolvency & Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 and Bankruptcy Board of India (Fast Track Insolvency Resolution Process for Corporate Persons) Regulations, 2017, against Right Towers Private Limited. The application pertains to a financial debt owed by Right Towers to SREI Infrastructure Finance.

## Facts

SREI Infrastructure Finance Limited, the Financial Creditor/Applicant, filed an application against Right Towers Private Limited, the Corporate Debtor, under Sections 55-58 of the Insolvency & Bankruptcy Code, 2016. SREI Infrastructure Finance Limited was incorporated on 29th March, 1985. Right Towers Private Limited was incorporated on 18th September, 2007, with a nominal share capital of Rs. 5,00,000/- and a paid-up share capital of Rs. 1,00,000/-. SREI Infrastructure Finance Limited sanctioned a loan of Rs. 110,00,00,000/- to Right Towers Private Limited. A Sanction Letter was issued on 15th December, 2015, and a Loan Agreement was executed on 11th January, 2016. The loan was disbursed to the Corporate Debtor. The Corporate Debtor defaulted in making payments,

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## Issues and analysis

### Issue 1: Whether the application filed by SREI Infrastructure Finance Ltd. under Sections 55-58 of the …

**Ratio:** The application is admissible if the applicant proves the existence of a debt and default

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**Reasoning:** The Tribunal considered the documents submitted by the applicant, including the sanction

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**Interpretation:** Sections 55-58 of the Insolvency & Bankruptcy Code, 2016, provide for the

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**Application:** The Tribunal found that the applicant had successfully made out its case for

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Srei Infrastructur…
- **Respondents:** Right Towers…

## Timeline

- **2015-12-15 — Sanction…**: Sanction Letter issued by SREI Infrastructure Finance Ltd. to Right Towers Private…
- **2016-01-11 — Loan Agre…**: Loan Agreement executed between SREI Infrastructure Finance Ltd. and Right Towers Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 13 — Declaration of moratorium and public announcement](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-13)

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