# In the matter of Trichy-Thanjavur Expressways Limited

> NCLT judgment dated 2023-08-22. Citation: TCN-2023-NCLT-01971. IDBI Bank Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 22 Aug 2023
- **Citation:** TCN-2023-NCLT-01971
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/trichy-thanjavur-expressways-limited-71a4a168

## Summary

### Background

IDBI Bank Limited filed a petition under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s. Trichy-Thanjavur Expressways Limited, alleging non-payment of Rs. 79,71,45,619.23. The Corporate Debtor was engaged in the execution of major infrastructure projects and had approached a consortium of lenders, including Canara Bank, for project finance. The Corporate Debtor had entered into a Master Restructuring Agreement (MRA) and executed a letter of Revival acknowledging the liability. The Corporate Debtor's account was classified as Non-Performing Asset (NPA) due to defaults in payment. The Corporate Debtor argued that the petition was not maintainable due to various reasons, including contractual disputes and the involvement of NHAI. The NCLT framed

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## Facts

IDBI Bank Limited, the Financial Creditor, filed a petition against M/s. Trichy-Thanjavur Expressways Limited, the Corporate Debtor, under Section 7 of the Insolvency & Bankruptcy Code, 2016, for non-payment of Rs. 79,71,45,619.23. The Corporate Debtor, engaged in infrastructure projects, had approached a consortium of lenders, including Canara Bank, for project finance of Rs.390 Crores. IDBI Bank part-financed Rs.70 Crores. The Corporate Debtor agreed to repay the loan in 126 installments. Due to difficulties, the facilities were restructured under Joint Lenders Forum (JLF). The Corporate Debtor entered into a Master Restructuring Agreement (MRA) and executed a letter of Revival acknowledging the liability. The account was classified as Non-Performing Asset (NPA)

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## Issues and analysis

### Issue 1: Whether a financial debt of a sum exceeding rupees one crore is due and payable by the respondent …

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

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**Reasoning:** The NCLT found that the Corporate Debtor admitted to the execution of a common loan

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**Interpretation:** The NCLT interpreted the Supreme Court's ruling in M/s Innoventive Industries

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**Application:** The NCLT applied the ratio to the facts of the case and held that a financial

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** IDBI…
- **Respondents:** M/s. Trichy-Thanja…; M/s. Trichy…

## Timeline

- **2006-12-02 — Loan Agre…**: The Respondent entered into a loan agreement with a consortium of banks, with Canara Bank…
- **2011-01-01 — Start of Ope…**: Since the beginning of operation (2011), the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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