# In the matter of SEGURO FOUNDATIONS AND STRUCTURES PRIVATE LIMITED

> NCLT judgment dated 2026-04-13. Citation: TCN-2026-NCLT-00355. The case involves a petition filed by Mr. Shaji Mathew, an Operational Creditor, under Section…

- **Court:** NCLT
- **Order date:** 13 Apr 2026
- **Citation:** TCN-2026-NCLT-00355
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/seguro-foundations-and-structures-private-limited-51cbddf3

## Summary

### Background

The case involves a petition filed by Mr. Shaji Mathew, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, M/s. Seguro Foundations & Structures Private Limited, due to non-payment of salary.

## Facts

Mr. Shaji Mathew, the Operational Creditor, was appointed as the project manager for the modernisation of Schools in Malappuram District w.e.f. 01.06.2018.

The Operational Creditor was assigned responsibility for 4 out of the 10 schools forming part of the project and was entitled to a consolidated salary of Rs. 80,000/-.

The Corporate Debtor stopped paying the Operational Creditor's salary from December 2018 without any prior notice.

The Operational Creditor issued a Demand Notice in Form 3 on 22.01.2020, demanding payment of Rs. 11,02,400/-.

The petition was filed on 12.03.2020, when the minimum default threshold was Rs. 1 lakh.

Mr. Shaji Mathew passed away during the pendency of the petition, and his legal heirs were substituted as petitioners.

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## Issues and analysis

### Issue 1: Whether the petition is maintainable given the revised threshold limit under Section 4 of the …

**Ratio:** The relevant date for determining the

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**Reasoning:** The Adjudicating Authority relied on the judgment in Company Appeal (AT)

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**Interpretation:** The revised threshold limit does not apply to petitions filed before the

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**Application:** Since the petition was filed on 12.03.2020, when the threshold was Rs. 1 lakh,

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## Parties

- **Judges:** Vinay…
- **Appellants:** M/s. INKE…; Shaji M…; +2 more
- **Respondents:** M/s. Seguro…; M/s. Inkel…
- **Other parties:** Sankar P. P…; Jossy Steephen…
- **Advocates:** Mr Harikumar G…; Aditya Ven…

## Timeline

- **12.03.2020 — Date of Inst…**: The present petition was filed before this…
- **24.03.2020 — Gazette Notif…**: The Central Government issued a Gazette Notification enhancing the threshold limit under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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