# Shree Shayama Constructions Private Limited Vs Zyngo EV Mobility Private Limited

> NCLT judgment dated 2025-07-01. Citation: TCN-2025-NCLT-00745. Shree Shayama Constructions Private Limited, the Financial Creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 1 Jul 2025
- **Citation:** TCN-2025-NCLT-00745
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/shree-shayama-constructions-private-limited-vs-zyngo-ev-mobility-private-limited-2e2f4e32

## Summary

### Background

Shree Shayama Constructions Private Limited, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Zyngo EV Mobility Private Limited, the Corporate Debtor. The application was filed because the Corporate Debtor defaulted on a payment of Rs. 1,62,04,609/- as of 01.04.2025. The debt originated from an unsecured loan sanctioned by Chanakya Consultants Private Limited (Original Lender) to the Corporate Debtor on 01.04.2024, which was later assigned to the Financial Creditor.

## Facts

Chanakya Consultants Private Limited (Original Lender) sanctioned an unsecured loan of Rs. 1,51,68,993/- to Zyngo EV Mobility Private Limited (Corporate Debtor) on 01.04.2024, formalized through a loan agreement executed the same day. The loan amount was disbursed in installments between 10.07.2024 and 01.12.2024. The Original Lender issued a demand letter on 01.03.2025, requesting repayment by 31.03.2025, but the Corporate Debtor defaulted on 01.04.2025. On 01.05.2025, the Original Lender assigned the outstanding loan of Rs. 1,62,04,609/- (including Rs. 10,35,616/- interest) to Shree Shayama Constructions Private Limited (Financial Creditor). The Corporate Debtor was notified of the assignment on 06.05.2025 and given three days to pay. A reminder was sent on

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

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

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**Reasoning:** The Adjudicating Authority observed that the Corporate Debtor had defaulted on its

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

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**Application:** The Adjudicating Authority applied Section 7 to the facts of the case, noting

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## Parties

- **Judges:** Harnam Singh…; SHISHIR A…
- **Appellants:** Shree Shayama…
- **Respondents:** Zyngo EV Mobility…
- **Other parties:** ugjghjghj…; sadsd…; +1 more

## Timeline

- **2024-04-01 — Loan Sanc…**: Chanakya Consultants Private Limited sanctioned an unsecured loan of Rs. 1,51,68,993/- to…
- **2024-07-10 — Loan Disbursem…**: Disbursement of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(12) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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