# 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-02322. SREI Infrastructure Finance Limited, the Financial Creditor, filed an application under…

- **Court:** NCLT
- **Order date:** 24 Jul 2019
- **Citation:** TCN-2019-NCLT-02322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/right-towers-private-limited-cp-ib-no-505-kb-2017-21ceae12

## Summary

### Background

SREI Infrastructure Finance Limited, the Financial Creditor, 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 Corporate Debtor. The application was filed before the National Company Law Tribunal, Kolkata Bench, seeking initiation of the Corporate Resolution Process.

## Facts

SREI Infrastructure Finance Limited (Financial Creditor/Applicant) filed an application against Right Towers Private Limited (Corporate Debtor) under Sections 55-58 of the Insolvency & Bankruptcy Code, 2016. The Financial Creditor is a company incorporated on 29th March, 1985. The Corporate Debtor is a company 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/-. The Financial Creditor sanctioned a loan of Rs. 110,00,00,000/- to the Corporate Debtor. A sanction letter was issued on 15th December, 2015, and a loan agreement was executed on 11th January, 2016. The Corporate Debtor defaulted in making payments, with a sum of Rs. 81,03,70,422/- due, including Rs. 74,43,93,524/- as principal

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Sections 55-58 of the Insolvency …

**Ratio:** The application can be admitted if the Financial Creditor proves the existence of a debt

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**Reasoning:** The Tribunal considered the documents submitted by the Financial Creditor, including the

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

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**Application:** The Financial Creditor provided sufficient evidence to demonstrate that the

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## Parties

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

## Timeline

- **2015-12-15 — Sanction…**: Sanction Letter issued by the…
- **2016-01-11 — Loan Agre…**: Loan Agreement executed between the…

## 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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