# In the matter of Superdrawn wire Industries Private Limited IA 573 of 2022 IN CP(IB) No. 177 of 2020

> NCLT judgment dated 2022-12-07. Citation: TCN-2022-NCLT-00216. Raj Radhe Finance Ltd., the Applicant, filed an application under Section 60(5) of the…

- **Court:** NCLT
- **Order date:** 7 Dec 2022
- **Citation:** TCN-2022-NCLT-00216
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/superdrawn-wire-industries-private-limited-ia-573-of-2022-in-cpib-no-177-of-2020-0823b36e

## Summary

### Background

Raj Radhe Finance Ltd., the Applicant, filed an application under Section 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of the NCLT Rules, 2016, seeking a direction to Respondent No. 2 to admit the entire claim of Rs. 9,95,58,833/- and to consider the Applicant as a secured financial creditor. The Applicant claimed to have a hypothecation charge over the plant and machinery and other movable assets of the Corporate Debtor, Superdrawn Wire Industries Pvt Ltd. The State Bank of India had declared the account of the Corporate Debtor as an NPA and initiated proceedings under the SARFAESI Act, 2002. The Applicant acquired the debt of the Corporate Debtor from the State Bank of India vide Assignment Agreement dated 28.01.2022. The CIRP of the Corporate

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## Facts

Raj Radhe Finance Ltd. filed an application against Dilipkumar Natvarlal Jagad, the Interim Resolution Professional (IRP) for Superdrawn Wire Industries Pvt Ltd, seeking to be recognized as a secured financial creditor. The Corporate Debtor, Superdrawn Wire Industries Pvt Ltd, underwent Corporate Insolvency Resolution Process (CIRP) initiated on 16.03.2022. Raj Radhe Finance Ltd. claimed Rs. 9,95,58,833/- as a secured debt, based on an assignment agreement with the State Bank of India (SBI). SBI had initiated proceedings against the Corporate Debtor under the SARFAESI Act, 2002, before assigning the debt to Raj Radhe Finance Ltd. The assignment agreement, dated 28.01.2022, transferred all rights, titles, and interests in the financial documents and security interests

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## Issues and analysis

### Issue 1: Whether the Applicant is entitled to claim the interest and penal charges and other charges before …

**Ratio:** The Assignment Agreement dated 28.01.2022, specifically Schedule-I, clearly shows that

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**Reasoning:** The court reasoned that the Assignment Agreement explicitly states that the assignee (Raj

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**Interpretation:** The interpretation of the Assignment Agreement is crucial in determining the

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Raj Radhe Finance…
- **Respondents:** Superdrawn Wire…; Dilipkumar…
- **Advocates:** Jaimin…; Priyank…; +1 more

## Timeline

- **2022-01-28 — Assignment Ag…**: Applicant acquired the debt of the Corporate Debtor from the State Bank of India vide…
- **2022-02-19 — Sale Not…**: Applicant issued a sale notice under Rule 8 (8) of the Security Interest (Enforcement)…

## 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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