# In the matter of SREI Infrastructure Finance Limited I.A. (IB) No. 86-KB-2022 in C.P. (IB) No. 295-KB-2021

> NCLT judgment dated 2022-06-30. Citation: TCN-2022-NCLT-01969. Candor Kolkata One Hi-Tech Structures Private Limited filed an application (I.A. (IB) No.…

- **Court:** NCLT
- **Order date:** 30 Jun 2022
- **Citation:** TCN-2022-NCLT-01969
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srei-infrastructure-finance-limited-ia-ib-no-86-kb-2022-in-cp-ib-no-295-kb-2021-8096bbce

## Summary

### Background

Candor Kolkata One Hi-Tech Structures Private Limited filed an application (I.A. (IB) No. 86/KB/2022) in C.P. (IB) No. 295/KB/2021 seeking inclusion of its claims in the corporate insolvency resolution process (CIRP) of SREI Infrastructure Finance Limited (SIFL). The applicant and SIFL had entered into three Inter Corporate Deposit Agreements in January 2012, where Rs. 150 crore was disbursed to SIFL. SIFL failed to repay the amount, leading to arbitral proceedings. The Arbitral Tribunal directed SIFL to repay the principal amount with interest. SIFL challenged the arbitral awards in the High Court at Calcutta and later in the Supreme Court, but these challenges were dismissed. The applicant then filed execution petitions in the High Court at Calcutta. Subsequently,

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## Facts

Candor Kolkata One Hi-Tech Structures Private Limited (Applicant) and SREI Infrastructure Finance Limited (SIFL) entered into three Inter Corporate Deposit Agreements in January 2012, with the Applicant disbursing Rs. 150 crore to SIFL. SIFL failed to repay the amount as per the agreements, leading the Applicant to initiate arbitral proceedings. The Arbitral Tribunal directed SIFL to repay the principal amount along with interest, totaling Rs. 224,05,72,875 and Rs. 1,50,00,000 towards costs. SIFL challenged the arbitral awards in the High Court at Calcutta and the Supreme Court, but these challenges were dismissed. The Applicant filed execution petitions in the High Court at Calcutta, which ordered attachment of SIFL's assets. As of 07 February 2020, the amount due,

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## Issues and analysis

### Issue 1: Whether the Administrator can adjudicate upon …

**Ratio:** The Administrator, acting as a resolution professional, carries out administrative

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**Reasoning:** The NCLT determined that the Administrator overstepped its authority by adjudicating on

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**Interpretation:** The Administrator's role in the CIRP is primarily administrative, focused on

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**Application:** The Administrator's rejection of the applicant's claim based on an assessment

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Candor Kolkata…
- **Respondents:** SREI Infrastructur…; RAJNEESH…

## Timeline

- **2012-01-01 — Inter Corporate Deposit…**: Candor Kolkata One Hi-Tech Structures Pvt. Ltd. and SREI Infrastructure Finance Limited…
- **2017-12-11 — Arbitral Tribunal…**: The Arbitral Tribunal directed SIFL to repay the principal amount along with interest…

## 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)

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