# In the matter of RAN INDIA STEELS PRIVATE LIMITED

> NCLT judgment dated 2025-09-01. Citation: TCN-2025-NCLT-01322. The Karur Vysya Bank Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 1 Sept 2025
- **Citation:** TCN-2025-NCLT-01322
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/ran-india-steels-private-limited-f1fee540

## Summary

### Background

The Karur Vysya Bank Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy Board of India (Petition to Adjudicating Authority) to initiate Corporate Insolvency Resolution Process (CIRP) against Ran India Steels Private Limited, citing default on financial debt.

## Facts

Karur Vysya Bank Ltd, the Financial Creditor, filed a petition under Section 7 of the IBC to initiate CIRP against Ran India Steels Private Limited.

The Corporate Debtor, Ran India Steels Private Limited, defaulted on financial debt owed to the Financial Creditor.

The total debt due from the Corporate Debtor was Rs. 21,57,94,893.02 as of 14.12.2023.

The Financial Creditor had granted Open Cash Credit facility (OCC) and Inland Letter of Credit/Foreign Letter of Credit facility (ILC/FLC) for Rs. 50 Crores to the Corporate Debtor.

The Corporate Debtor's account was declared as a Non-Performing Asset (NPA) on 14.12.2023.

The Financial Creditor proposed the name of P. Balasubramanian as the Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted …

**Ratio:** Yes, the Corporate Debtor defaulted

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**Reasoning:** The Statements of Accounts showed that the Corporate Debtor's accounts turned irregular

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**Interpretation:** The Tribunal interpreted the Statements of Accounts as evidence of default by

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**Application:** The Tribunal applied the evidence of default to the requirements of Section 7

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Karur Vysya Bank…
- **Respondents:** Ran India Steels…
- **Other parties:** Balasubramanian…; Prabhakaran…; +3 more
- **Advocates:** N.P. Viia…; R. Pra…; +4 more

## Timeline

- **2023-12-14 — Date of D…**: The date of default is…
- **2025-09-01 — Order Pron…**: Order pronounced on 1st…

## 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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