# In the matter of Supreme Star Villa Private Limited

> NCLT judgment dated 2024-03-06. Citation: TCN-2024-NCLT-02180. The case involves a petition filed by SREI Equipment Finance Limited (Financial…

- **Court:** NCLT
- **Order date:** 6 Mar 2024
- **Citation:** TCN-2024-NCLT-02180
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/supreme-star-villa-private-limited-5c5abb2e

## Summary

### Background

The case involves a petition filed by SREI Equipment Finance Limited (Financial Creditor/Petitioner) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Supreme Star Villa Private Limited (Corporate Debtor/Respondent) for defaulting on a repayment of Rs. 84,71,02,311/-. The Financial Creditor issued an offer letter on 15.09.2018, offering a loan of Rs. 46,50,00,000/- with specific terms and conditions. The loan was disbursed on 28.09.2018, and a loan agreement was executed on 29.09.2018. The Corporate Debtor made some repayments between 31.12.2018 and 31.12.2019, but defaulted thereafter, with the date of default mentioned as 15.11.2019. A demand notice was issued on 25.11.2021, but the

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## Facts

SREI Equipment Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Supreme Star Villa Private Limited (Corporate Debtor) due to a default of Rs. 84,71,02,311/-. The Financial Creditor issued an offer letter on 15.09.2018 for a loan of Rs. 46,50,00,000/-, which was disbursed on 28.09.2018. A loan agreement was executed on 29.09.2018 with an interest rate of 14.74% and a tenure of 36 months, with monthly installments starting from 15.10.2018. The Corporate Debtor made repayments totaling Rs. 8,00,00,000/- between 31.12.2018 and 31.12.2019. The last payment was made on 31.12.2019 for Rs. 2,00,00,000/-, which was adjusted towards the installment

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has proved the existence of debt and default on the part of the …

**Ratio:** The adjudicating authority has merely to see the records of the information utility or

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**Reasoning:** The Adjudicating Authority considered the bank statement showing disbursal, the balance

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**Interpretation:** The Supreme Court's judgment in Innoventive Industries Limited vs. ICICI Bank

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**Application:** The Financial Creditor successfully demonstrated that there was debt and

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## Parties

- **Judges:** Charanjeet Singh…; Smt Lakshmi…
- **Appellants:** SREI Equipment…
- **Respondents:** Supreme Star…

## Timeline

- **2018-09-15 — Offer Letter…**: Financial Creditor issued Offer Letter No. OFFER /HL-Domestic/208-209/SSVPL/01 offering a…
- **2018-09-28 — Loan Disb…**: Loan amount of Rs.…

## 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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