# 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-02328. 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-02328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/right-towers-private-limited-cp-ib-no-505-kb-2017-7d547aea

## 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 default on a loan sanctioned by SREI Infrastructure Finance Ltd. to Right Towers Private Limited.

## 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 is a company incorporated on March 29, 1985. Right Towers Private Limited is a company incorporated on September 18, 2007. SREI Infrastructure Finance Limited sanctioned a loan of Rs. 110,00,00,000/- to Right Towers Private Limited. The sanction letter was dated December 15, 2015, and a loan agreement was executed on January 11, 2016. The rate of interest was 12% p.a. The applicant disbursed Rs. 93,37,50,000/- to the Corporate Debtor. Right Towers Private Limited defaulted in making payments, with Rs. 81,03,70,422/-

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor/ SREI Infrastructure Finance Ltd, under …

**Ratio:** The court considered the documents submitted by the applicant, including the sanction

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**Reasoning:** The court found that the applicant had proven its case for Fast Track Resolution of the

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**Interpretation:** The court interpreted the relevant sections of the Insolvency & Bankruptcy

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**Application:** The court applied the ratio and reasoning to the specific facts of the case,

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## Parties

- **Judges:** Jinan…; Harish Chander…
- **Appellants:** Srei Infrastructur…
- **Respondents:** Right Towers…
- **Advocates:** Ratnanko B…; D.N. Sh…; +3 more

## 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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