# In the matter of CCR Logistics Private Limited

> NCLT judgment dated 2025-02-24. Citation: TCN-2025-NCLT-00447. Indostar Capital Finance Limited filed an application under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Feb 2025
- **Citation:** TCN-2025-NCLT-00447
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ccr-logistics-private-limited-817b8998

## Summary

### Background

Indostar Capital Finance Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against CCR Logistics Private Limited, the Corporate Debtor. The application was based on an alleged default in repayment of outstanding loans. The Financial Creditor claimed that the Corporate Debtor had defaulted on a total debt of Rs. 31,27,47,528/-, including principal and interest. The Corporate Debtor contested the application, arguing that the date of default was wrongly determined and that the application was not maintainable under Section 10A of the Code, which prohibits CIRP for defaults occurring during the COVID-19 pandemic period. The Corporate Debtor also raised objections

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## Facts

Indostar Capital Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against CCR Logistics Private Limited (Corporate Debtor) for defaulting on loan repayments. The Financial Creditor claimed a total debt of Rs. 31,27,47,528/-, including principal (Rs. 22,55,10,196/-) and interest. The erstwhile Financial Creditor, India Infoline Finance Limited, had provided credit facilities amounting to Rs. 34,78,76,850/- to M/s. Cement Carriers (Principal Borrower) and CCR Logistics Private Limited (Corporate Debtor) as co-borrowers between 29.12.2017 and 18.04.2020. India Infoline Finance Limited transferred its vehicle finance business to Indostar Capital Finance Limited through a Business

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has established the …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 requires the Adjudicating Authority

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**Reasoning:** The NCLT found that the Financial Creditor failed to establish the occurrence of default

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**Interpretation:** The legal principle is that the Financial Creditor must provide sufficient

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**Application:** In this case, the Financial Creditor failed to provide sufficient evidence to

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## Parties

- **Judges:** K. R. SAJI…; SANJIV…
- **Appellants:** Indostar Capital…
- **Respondents:** CCR Logistics…

## Timeline

- **2017-12-29 — Credit Facilities…**: India Infoline Finance Limited extended credit facilities to M/s. Cement Carriers and CCR…
- **2020-03-25 — COVID-19 Lo…**: National Lockdown declared due to…

## 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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