# In the matter of RK Patil Infraprojects Private Limited

> NCLT judgment dated 2024-11-26. Citation: TCN-2024-NCLT-00165. Janaseva Sahakari Bank Limited, Pune filed a Company Petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 26 Nov 2024
- **Citation:** TCN-2024-NCLT-00165
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rk-patil-infraprojects-private-limited-1dbbf779

## Summary

### Background

Janaseva Sahakari Bank Limited, Pune filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. RK Patil Infraprojects Private Limited, the Corporate Debtor, due to a financial debt of Rs. 24,23,48,147.70/- with a date of default being 31.03.2021. The Corporate Debtor denied the contents of the petition, claiming the Financial Creditor suppressed material facts and wrongly calculated the amount in default. The Corporate Debtor also stated that the Financial Creditor classified the loan account as NPA without following the due process of law and that GVK Company has not disbursed the payment to the Corporate Debtor due to internal issues between CIDCO and GVK

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## Facts

Janaseva Sahakari Bank Limited, Pune, filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against RK Patil Infraprojects Private Limited, citing a default on a financial debt of Rs. 24,23,48,147.70/-, with the date of default being 31.03.2021. The Corporate Debtor availed credit facilities of Rs. 15,00,00,000/- from the Financial Creditor in 2020. The Term Loan was sanctioned on 22/06/2020 and disbursed on 15/07/2020. The account of the Corporate Debtor turned NPA on 31/03/2021. The Financial Creditor issued a notice under Section 13(2) of the SARFAESI Act on 27/10/2021 and a notice to take possession of the security under Section 13(4) of the SARFAESI Act on 11/03/2022. The Corporate Debtor denied the contents of the petition, claiming that the

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by the Financial Creditor is maintainable under Section 7 of the …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The court considered the submissions of both parties and the documents on record. It

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**Interpretation:** Section 7 provides the mechanism for financial creditors to trigger the

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**Application:** The court applied Section 7 to the facts of the case, finding that the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Janaseva Sahakari…
- **Respondents:** M/s. RK Patil…

## Timeline

- **2020-01-01 — Credit Facilities…**: The Corporate Debtor availed Credit Facilities of Rs. 15,00,00,000/- from the Financial…
- **2020-06-22 — Term Loan San…**: The Term Loan was…

## 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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