# In the matter of Roadwings International Private Limited

> NCLT judgment dated 2024-11-21. Citation: TCN-2024-NCLT-00185. The case involves a Company Petition (IB) No. 224/KB/2023 filed by SREI Equipment Finance…

- **Court:** NCLT
- **Order date:** 21 Nov 2024
- **Citation:** TCN-2024-NCLT-00185
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/roadwings-international-private-limited-96d88cc0

## Summary

### Background

The case involves a Company Petition (IB) No. 224/KB/2023 filed by SREI Equipment Finance Limited (Financial Creditor/Applicant) against Roadwings International Private Limited (Corporate Debtor/Respondent) under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to the Adjudicating Authority) Rules, 2016. The Financial Creditor sought to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, claiming a default of Rs. 12,35,20,095/- with the date of default being 05.09.2023. The Corporate Debtor opposed the petition, arguing that the debts were settled through arbitration and Lok Adalat, and the petition was barred by limitation. An Interlocutory Application (I.A. (IB) No.

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## Facts

SREI Equipment Finance Limited, a Non-Banking Financial Company (NBFC), filed a company petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Roadwings International Private Limited, seeking to initiate CIRP. The total amount claimed to be in default was Rs. 12,35,20,095/-, with the date of default claimed as 05.09.2023. The claim arose from four agreements executed between the parties for financial assistance in purchasing various assets. The Financial Creditor's resolution plan was approved on 11.08.2023. The Corporate Debtor argued that arbitration proceedings had taken place for two agreements, with awards passed in its favor, and that the Financial Creditor had challenged these awards in the High Court. The Corporate Debtor also claimed

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## Issues and analysis

### Issue 1: Whether the Financial Creditor's application under Section 7 of the Insolvency and Bankruptcy Code, …

**Ratio:** The Adjudicating Authority cannot adjudicate disputed questions of facts and decide on

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**Reasoning:** The court found that arbitral awards had been passed against the Financial Creditor's

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**Interpretation:** The Adjudicating Authority interpreted that it cannot delve into disputed

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**Application:** The court applied this principle to the arbitral awards and settlement claims,

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** SREI Equipment…
- **Respondents:** ROADWINGS…
- **Advocates:** Jishnu…; Soumya Roy…; +7 more

## Timeline

- **2016-01-01 — Enactment of Insolvency…**: The Insolvency and…
- **2017-04-15 — Loan Agreement No.…**: One of the loan agreements…

## 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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