# In the matter of BBT Elevated Road Private Limited

> NCLT judgment dated 2023-12-19. Citation: TCN-2023-NCLT-00147. Canara Bank (formerly known as Syndicate Bank) filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 19 Dec 2023
- **Citation:** TCN-2023-NCLT-00147
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bbt-elevated-road-private-limited-6628071c

## Summary

### Background

Canara Bank (formerly known as Syndicate Bank) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against BBT Elevated Road Private Limited, citing a default on a financial debt. The Corporate Debtor was incorporated on 19 February 2014 and entered into a Concession agreement with the Kolkata Metropolitan Development Authority (KMDA) for the development, design, financing, construction, operation, and maintenance of an elevated road project. Canara Bank had granted a loan facility of Rs. 135 crore to the Corporate Debtor for this project. The Corporate Debtor defaulted on repayments, leading to the loan account being classified as a Non-Performing Asset on 30.03.2021. The Financial

…

## Facts

Canara Bank (formerly known as Syndicate Bank) extended a loan of Rs. 135 crore to BBT Elevated Road Private Limited to finance an infrastructure project involving the construction and operation of an elevated toll road in Kolkata. BBT Elevated Road Private Limited entered into a concession agreement with the Kolkata Metropolitan Development Authority (KMDA) for the project. The Corporate Debtor defaulted on its repayment obligations, leading Canara Bank to classify the loan account as a Non-Performing Asset (NPA) on 30.03.2021. Canara Bank recalled the loan and issued a notice for initiating insolvency proceedings. The Corporate Debtor acknowledged the debt but attributed the default to delays by KMDA in issuing toll notifications and compensating for revenue losses.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, should be …

**Ratio:** The essential elements of a Section 7 application are the existence of a debt and a

…

**Reasoning:** The Adjudicating Authority considered the pleadings and arguments submitted by both

…

**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

…

**Application:** The Adjudicating Authority found that BBT Elevated Road Private Limited had

…

## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Canara…
- **Respondents:** BBT Elevated Road…

## Timeline

- **2014-02-19 — Incorporation of…**: BBT Elevated Road Private Limited was…
- **2014-05-28 — Concession Ag…**: The Corporate Debtor entered into a Concession agreement with the Kolkata Metropolitan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/bbt-elevated-road-private-limited-6628071c