# In the matter of R S Kamthe Infrastructure Developers Private Limited

> NCLT judgment dated 2023-11-02. Citation: TCN-2023-NCLT-00878. SREI Equipment Finance Limited filed a company petition against RS Kamthe Infrastructure…

- **Court:** NCLT
- **Order date:** 2 Nov 2023
- **Citation:** TCN-2023-NCLT-00878
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/r-s-kamthe-infrastructure-developers-private-limited-0e6847bf

## Summary

### Background

SREI Equipment Finance Limited filed a company petition against RS Kamthe Infrastructure Developers Private Limited seeking to initiate Corporate Insolvency Resolution Process (CIRP) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed that the Corporate Debtor defaulted on payments amounting to Rs. 7,28,54,918/- as of 2022-08-12. The Corporate Debtor argued that the petition was unsustainable under Section 7 of the IBC and that there was no debt or default. They also contended that the default occurred during the moratorium period under Section 10A of the IBC, barring the petition.

## Facts

SREI Equipment Finance Limited (Financial Creditor) filed a petition against RS Kamthe Infrastructure Developers Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, claiming a default of Rs. 7,28,54,918/- as of 2022-08-12. The Financial Creditor and Corporate Debtor had executed two Master Facility Agreements (MFAs) dated 2019-07-01 and 2019-09-28. The Corporate Debtor allegedly defaulted on 2021-04-15. The Financial Creditor issued a demand notice on 2021-12-24. The Corporate Debtor argued that the petition was unsustainable, claiming no debt or default and that the default occurred during the moratorium period under Section 10A of the IBC. The Corporate Debtor also alleged that the Financial Creditor had advanced loans to a

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## Issues and analysis

### Issue 1: Whether the Petition is barred by …

**Ratio:** Section 10A of the IBC, 2016, prohibits the initiation of Corporate Insolvency Resolution

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**Reasoning:** The court considered the Petitioner's own pleadings, which indicated that the defaults

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**Interpretation:** Section 10A provides a bar on initiating CIRP for defaults occurring during the

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**Application:** Since the defaults occurred on 2021-01-15 and 2021-02-15, which fall within the

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## Parties

- **Judges:** Kuldip Kumar…; ANURADHA SANJAY…
- **Appellants:** SREI Equipment…
- **Respondents:** R S Kamthe…

## Timeline

- **2019-07-01 — First Loan Ag…**: Loan Agreement No. 178747 was executed between…
- **2019-09-28 — Second Loan A…**: Loan Agreement No. 180822 was executed between…

## 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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