# Axis Bank Ltd vs. Kshipra Motors Pvt Ltd

> NCLT judgment dated 2026-07-29. Citation: TCN-2026-NCLT-00756. Axis Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 29 Jul 2026
- **Citation:** TCN-2026-NCLT-00756
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/axis-bank-ltd-vs-kshipra-motors-pvt-ltd-5ujy8

## Summary

### Background

Axis Bank Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Kshipra Motors Private Limited (Corporate Debtor). The default amount was Rs.2,65,70,956/- as on 08.05.2025, stemming from a Channel Finance Facility sanctioned in 2013. The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on March 23, 2016. Despite a recall notice and a pending case before the Debt Recovery Tribunal, the debt remained unpaid. The Corporate Debtor's audited financial statements from FY 2016-17 to FY 2023-24 consistently acknowledged the outstanding borrowings, with the FY 2023-24 statements explicitly identifying the liability towards Axis

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## Facts

Axis Bank Limited (Financial Creditor) filed a Company Petition to initiate Corporate Insolvency Resolution Process (CIRP) against Kshipra Motors Private Limited (Corporate Debtor) under Section 7 of the IBC.

The Corporate Debtor defaulted on payment of outstanding debts amounting to Rs.2,65,70,956/- as on 08.05.2025, comprising principal and interest.

Axis Bank Limited is a Bank/Financial Institution.

The petition was filed through Mr. Satish Roy, Manager (Law), authorized by a Power of Attorney dated 25.10.24.

Kshipra Motors Private Limited is the Corporate Debtor with CIN U05010MP2003PTC016184.

Mr. Navin Khandelwal, an Insolvency Professional, was nominated as the Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the application filed by Axis Bank Limited under Section 7 of the Insolvency and Bankruptcy …

**Ratio:** An application under Section 7 of the IBC must be admitted if the Adjudicating Authority

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**Reasoning:** The Financial Creditor (Axis Bank) provided documentary evidence of a financial debt

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**Interpretation:** The NCLT relied on the Supreme Court's ruling in M/s Innovative Industries

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**Application:** The NCLT found that all conditions for admission under Section 7 IBC were met.

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan Gupta,…
- **Appellants:** Axis Ban…; Axis Bank L…
- **Respondents:** Kshipra Motors…; Kshipra Motors…
- **Other parties:** Committee of…; Navin Khan…
- **Advocates:** Chiranjeev…

## Timeline

- **2013-09-21 — Sanction of Channel…**: The Financial Creditor (Axis Bank Ltd) sanctioned a Channel Finance Facility of Rs.300.00…
- **2013-09-30 — Execution of Security…**: The Corporate Debtor and its guarantors executed various documents to secure the credit…

## 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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