# In the matter of Dadheech Infrastructures Private Limited I.A.(I.B.C.) 1184/KB/2022 with C.P. (IB) 367-KB-2021

> NCLT judgment dated 2023-06-26. Citation: TCN-2023-NCLT-02789. SREI Equipment Finance Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 26 Jun 2023
- **Citation:** TCN-2023-NCLT-02789
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dadheech-infrastructures-private-limited-iaibc-1184kb2022-with-cp-ib-367-kb-2021-16b61652

## Summary

### Background

SREI Equipment Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Dadheech Infrastructures Private Limited, claiming default on loan repayments. The Financial Creditor asserted that the Corporate Debtor defaulted on various loan agreements, leading to a total outstanding amount of ₹1,31,35,08,457/- as of 23 August 2021. The Corporate Debtor contested the claim, alleging that it had already repaid a significant portion of the debt and that the loan agreements contained fraudulently inserted details. The Financial Creditor refuted these claims, stating that the Corporate Debtor had acknowledged its default and had even requested restructuring of the loan account.

## Facts

SREI Equipment Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Dadheech Infrastructures Private Limited (Corporate Debtor) for defaulting on loan repayments. The Financial Creditor claimed a total outstanding amount of ₹1,31,35,08,457/- as of 23 August 2021. The Financial Creditor relied on various loan agreements, including agreements dated 03 October 2015, 22 November 2015, 15 October 2017, 22 February 2018, 15 September 2018, 05 July 2018, 05 July 2020, 16 June 2017, 28 September 2020, 05 January 2021, and a demand letter dated 23 August 2021. The Corporate Debtor acknowledged its default in an agreement dated 16 June 2017, admitting that a sum of ₹39,31,10,443/- was outstanding as of 31 May

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## Issues and analysis

### Issue 1: Whether the company petition is maintainable given the alleged discrepancy in the Power of Attorney …

**Ratio:** The administrator of the Financial Creditor had lawful authority to execute the Power of

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**Reasoning:** The court noted that the Board of Directors of the Financial Creditor was superseded by

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**Interpretation:** The court interpreted the relevant provisions of the Indian Contract Act, 1872,

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**Application:** The court applied the ratio to the facts of the case, finding that the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** SREI Equipment…
- **Respondents:** Dadheech Infrastru…

## Timeline

- **2013-10-11 — Contract between…**: Corporate Debtor entered into contract no. DG MAP/PH-11/PKG 25 (R&C) 01 with DG MAP for…
- **2017-06-16 — Agreement between Financial Creditor and…**: Agreement executed between Financial Creditor and Corporate Debtor regarding bank…

## Legal provisions

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

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