# In the matter of SE Transstadia Private Limited

> NCLT judgment dated 2024-04-08. Citation: TCN-2024-NCLT-01794. Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 8 Apr 2024
- **Citation:** TCN-2024-NCLT-01794
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/se-transstadia-private-limited-70f33951

## Summary

### Background

Bank of Baroda filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against SE Transstadia Private Limited for initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on a default of Rs.2,79,97,14,472.25/- including interest as on 31.07.2023. The Corporate Debtor had availed various credit facilities since 2014, including term loans for building a sports clubhouse as per a Concession Agreement with the Government of Gujarat. The account was classified as NPA on 31st December 2018.

## Facts

Bank of Baroda, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against SE Transstadia Private Limited, the Corporate Debtor. The application was filed on 11.09.2023. The total amount in default was Rs.2,79,97,14,472.25/-, including interest as on 31.07.2023. The Corporate Debtor had availed various credit facilities from the Financial Creditor since 2014. These included term loans for the purpose of building a sports clubhouse as per a Concession Agreement with the Industries and Mines department of the Government of Gujarat. The Financial Creditor had sanctioned a Term Loan of Rs.176 Crore on 09.10.2013 and another Fresh Term loan of Rs.18.80 Crore on

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** Section 7(5) of the IBC, 2016 requires the Adjudicating Authority to be satisfied that a

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**Reasoning:** The Tribunal examined the documents and evidence provided by the Financial Creditor,

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**Interpretation:** The Adjudicating Authority must assess the records provided by the financial

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**Application:** The Tribunal found that the Financial Creditor had provided sufficient evidence

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Bank of B…
- **Respondents:** SE Transstadia…; SE Transstadia…
- **Advocates:** A. K. M…; Jay Kan…; +2 more

## Timeline

- **2013-10-09 — Term Loan San…**: Applicant/ Financial Creditor…
- **2016-06-02 — Fresh Term Loan…**: Petitioner sanctioned a Fresh…

## 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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