# In the matter of Kristal Infrastructure Limited

> NCLT judgment dated 2025-05-30. Citation: TCN-2025-NCLT-00030. The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) r/w…

- **Court:** NCLT
- **Order date:** 30 May 2025
- **Citation:** TCN-2025-NCLT-00030
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/kristal-infrastructure-limited-05e14ef6

## Summary

### Background

The petition was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) r/w Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 on 08.09.2023 by Omkara Asset Reconstruction Company Private Limited (Financial Creditor) to initiate Corporate Insolvency Resolution Process (CIRP) against Kristal Infrastructure Limited (Corporate Debtor). The total outstanding amount is Rs. 1,12,98,86,950, including a principal amount of Rs. 28,65,49,756, monthly floating interest at 20.25% p.a. (Rs.15,39,66,159), penal interest at 24% p.a. of Rs.68,92,43,420, and other charges of Rs. 1,27,615. The date of default is 27.06.2016. The Financial Creditor was assigned this loan by Piramal Capital and Housing Finance Limited (PCHFL).

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## Facts

Omkara Asset Reconstruction Company Private Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kristal Infrastructure Limited (Corporate Debtor). The total outstanding amount was Rs. 1,12,98,86,950, including principal, interest, and penal interest. The date of default was 27.06.2016. The Financial Creditor was assigned the loan from Piramal Capital and Housing Finance Limited (PCHFL), which had previously acquired it from Dewan Housing Finance Limited (DHFL). Kristal Infrastructure Limited had taken a loan from DHFL, secured by various securities. DHFL issued demand cum recall notices on 20.06.2016 and 18.02.2019. One-Time Settlement (OTS) letters

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## Issues and analysis

### Issue 1: Whether the present petition is barred by limitation, considering the initial date of default and …

**Ratio:** The issuance of a One-Time Settlement (OTS) letter by the Corporate Debtor constitutes an

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**Reasoning:** The Adjudicating Authority relied on judgments from NCLT, NCLAT, and the Supreme Court,

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**Interpretation:** The interpretation of Section 18 of the Limitation Act, 1963, in conjunction

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**Application:** In this case, the Corporate Debtor issued OTS letters on 17.05.2018 and

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## Parties

- **Judges:** Shri. Sunil Kumar…; Shri. Radhakrishna…
- **Appellants:** Omkara Assets…
- **Respondents:** Kristal Infrastruc…
- **Advocates:** Kevin C…; Angad V…

## Timeline

- **2011-09-26 — Project-Term Loan…**: DHFL extended Financial Assistance in form of a Project term loan for a sum of Rs.…
- **2011-09-14 — Sanction…**: Loan agreement and Sanction…

## 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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