# In the matter of Roadways Solutions India Infra Ltd.

> NCLT judgment dated 2023-08-18. Citation: TCN-2023-NCLT-01988. Chartered Finance Management Private Limited, the Operational Creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 18 Aug 2023
- **Citation:** TCN-2023-NCLT-01988
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/roadways-solutions-india-infra-ltd-00a546e9

## Summary

### Background

Chartered Finance Management Private Limited, the Operational Creditor, filed a petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Roadways Solutions India Infra Ltd., the Corporate Debtor. The claim was for Rs. 7,99,60,000/- in default, with the default date specified as 25.04.2022. The Corporate Debtor engaged the Operational Creditor to provide advisory services for raising credit facilities for its projects, including the Package X Project, and agreed to pay a fee of 1.5% of the sanctioned amount. A term loan of Rs. 480 crores was sanctioned by Canara Bank in favor of Vadodara Mumbai Expressway Pkg 10 Private Limited (VNMP10PL), a Special Purpose Vehicle (SPV)

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## Facts

Chartered Finance Management Private Limited (Operational Creditor) filed a petition against Roadways Solutions India Infra Ltd. (Corporate Debtor) under Section 9 of the IBC, claiming a default of Rs. 7,99,60,000/-. The default date was specified as 25.04.2022. The Corporate Debtor engaged the Operational Creditor via a mandate letter dated 14.07.2021 to provide advisory services for raising credit facilities up to Rs. 1750 Crores for its projects, including the 'Package X Project'. The agreement stipulated a fee of 1.5% of the sanctioned amount, payable in two installments (50% upon sanction and 50% upon disbursement to the SPV). A term loan of Rs. 480 crores was sanctioned by Canara Bank on 04.01.2022 to Vadodara Mumbai Expressway Pkg 10 Private Limited (VNMP10PL),

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## Issues and analysis

### Issue 1: Whether the demand notice dated 12.07.2022 was …

**Ratio:** The principle is that a demand notice must be served on the corporate debtor to initiate

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**Reasoning:** The Corporate Debtor argued that the demand notice was served at an incorrect address.

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**Interpretation:** The demand notice needs to be served at the correct address of the corporate

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**Application:** The NCLT found that the difference in address was superficial and did not

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Appellants:** Chartered Finance…
- **Respondents:** Roadways Solutions…
- **Advocates:** Nishit D…; Meghna A…; +5 more

## Timeline

- **2021-07-14 — Mandate L…**: Corporate Debtor issued a Mandate Letter to the Operational Creditor for advisory…
- **2022-01-04 — Term Loan San…**: Canara Bank sanctioned a term loan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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