# In the matter of SREI Infrastructure Finance Limited

> NCLT judgment dated 2023-09-06. Citation: TCN-2023-NCLT-01759. Candor Kolkata One Hi-Tech Structures Private Limited filed an application (I.A. (IB) No.…

- **Court:** NCLT
- **Order date:** 6 Sept 2023
- **Citation:** TCN-2023-NCLT-01759
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srei-infrastructure-finance-limited-078a74b8

## Summary

### Background

Candor Kolkata One Hi-Tech Structures Private Limited filed an application (I.A. (IB) No. 1660/KB/2022) in C.P. (IB) No. 295/KB/2021 under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with rule 11 of the National Company Law Tribunal Rules, 2016, seeking directions to set aside the rejection of its claim by the Administrator of SREI Infrastructure Finance Limited (SIFL), to include the claim amount in the list of creditors, and to publish a revised list of claims on SREI's website. The applicant and SREI Infrastructure Finance Limited (SIFL) entered into three Inter Corporate Deposit Agreements in January 2012, where Rs.150 crore was disbursed to SIFL, to be repaid with interest. SIFL failed to repay, leading to arbitral proceedings where SIFL was

…

## Facts

In January 2012, Candor Kolkata One Hi-Tech Structures Private Limited (Applicant) and SREI Infrastructure Finance Limited (SIFL) entered into three Inter Corporate Deposit Agreements, where Rs. 150 crore was disbursed to SIFL. SIFL was to repay the amount with interest. SIFL failed to repay, leading to arbitral proceedings. On December 11, 2017, the Arbitral Tribunal directed SIFL to repay Rs. 224,05,72,875/- plus costs. SIFL challenged the awards in the High Court at Calcutta, which were dismissed on September 2, 2019. SIFL filed appeals before the Division Bench of the High Court, which were dismissed on December 3, 2019. SIFL challenged the dismissals before the Supreme Court, which dismissed the Special Leave Petition on December 17, 2019. On October 22, 2021, the

…

## Issues and analysis

### Issue 1: Whether the liability to pay post award interest begins from the date of the original Awards i.e., …

**Ratio:** The relevant date for calculating the payment of principal and interest is 30 days after

…

**Reasoning:** The court reasoned that the contention of the respondent regarding the start date cannot

…

**Interpretation:** The interpretation of Section 33 and Section 31(7)(b) of the Arbitration and

…

**Application:** In this case, the court applied the ratio to determine that the start date for

…

## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Appellants:** Candor Kolkata…
- **Respondents:** SREI Infrastructur…; RAJNEESH…
- **Advocates:** Ranjan Ba…; Jishnu Cho…; +7 more

## Timeline

- **2012-01-01 — Inter Corporate Deposit…**: Candor Kolkata One Hi-Tech Structures Private Limited and SREI Infrastructure Finance…
- **2017-12-11 — Arbitral Tribu…**: The Arbitral Tribunal directed SIFL to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srei-infrastructure-finance-limited-078a74b8