# In the matter of CRIMSON INFRASTRUCTURE PRIVATE LIMITED

> NCLT judgment dated 2025-03-18. Citation: TCN-2025-NCLT-00351. Standard Capital Markets Ltd., the financial creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 18 Mar 2025
- **Citation:** TCN-2025-NCLT-00351
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/crimson-infrastructure-private-limited-bfaac395

## Summary

### Background

Standard Capital Markets Ltd., the financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Crimson Infrastructure Private Ltd., the corporate debtor. The petition stems from a loan facility originally extended by Sammaan Capital Ltd. (SCL) to Veer Chemicals Pvt. Ltd., with Crimson Infrastructure acting as a guarantor. SCL later assigned its rights under the loan agreement to Standard Capital Markets Ltd. The corporate debtor allegedly defaulted on its payment obligations, leading to the financial creditor's application for CIRP.

## Facts

Veer Chemicals Pvt. Ltd. sought loan facilities from Sammaan Capital Ltd. (SCL) for construction activities. SCL sanctioned a financial facility, and a loan agreement was executed on 2018-10-30 for Rs. 150,00,00,000/-. SCL disbursed the amount on 2018-11-02. Crimson Infrastructure Private Ltd. (Corporate Debtor) and its sister concerns executed a Memorandum of Entry on 2020-11-28, creating a first-ranking mortgage in favor of SCL on land admeasuring 66.1326 acres in Village Sohna and Mohammedpur Gujjar, Haryana. An Addendum Agreement was executed on 2020-10-01, extending the loan term to 2025-10-05 and modifying payment terms. SCL executed a Deed of Assignment on 2024-10-01 in favor of Standard Capital Markets Ltd. (Financial Creditor), assigning its rights under the

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** Section 3(12) of the IBC defines 'default' as non-payment of debt when whole or any part

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**Reasoning:** The NCLT found that the Corporate Debtor failed to make the EMI payment due on

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**Interpretation:** The definition of 'default' under Section 3(12) is interpreted broadly to

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**Application:** The NCLT applied the definition of 'default' to the facts of the case, finding

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## Parties

- **Judges:** SH. ASHOK KUMAR…; SH. CHARANJEET…
- **Appellants:** Standard Capital…
- **Respondents:** Crimson Infrastruc…

## Timeline

- **2018-10-30 — Loan Agreement…**: SCL and Veer executed a Loan…
- **2018-11-02 — Loan Disbur…**: SCL disbursed Rs.…

## 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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