# In the matter of ATTIVO ECONOMIC ZONE (KOLKATA) PRIVATE LIMITED

> NCLT judgment dated 2026-03-25. Citation: TCN-2026-NCLT-00261. SREI Equipment Finance Limited filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 25 Mar 2026
- **Citation:** TCN-2026-NCLT-00261
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/attivo-economic-zone-kolkata-private-limited-330114f1

## Summary

### Background

SREI Equipment Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Attivo Economic Zone (Kolkata) Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP).

## Facts

SREI Equipment Finance Limited sanctioned a Rupee Loan Facility of ₹180 crore to Attivo Economic Zone (Kolkata) Private Limited.

A Rupee Loan Agreement was executed between the parties on 19th March 2014.

The Corporate Debtor was required to pay interest as specified in Clause 2.7 and Schedule I of the Rupee Loan Agreement.

The Corporate Debtor created a mortgage and/or first exclusive charge over various immovable properties by depositing original title deeds.

The Corporate Debtor requested modifications to the repayment schedule, which were approved by SIFL.

The Corporate Debtor failed to make the due payment on 30th June 2023, breaching its repayment obligations.

CIRP was initiated against SIFL and SEFL, and Mr. Rajneesh Sharma was appointed as Administrator.

…

## Issues and analysis

### Issue 1: Whether the application is …

**Ratio:** Section 10A bars filing of an application for initiation of CIRP for any default arising

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**Reasoning:** The Corporate Debtor argued that the true default was 30.09.2020 (interest) and that the

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**Interpretation:** The Adjudicating Authority held that the petition is based on default asserted

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**Application:** The application filed in June 2024 is within three years from 30.06.2023 and

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** SREI Equipment…
- **Respondents:** Attivo Economic…
- **Other parties:** SIFL…; SEFL…; +1 more
- **Advocates:** Jishnu…; Sourojit Da…; +5 more

## Timeline

- **2014-03-19 — Rupee Loan Ag…**: Rupee Loan Agreement was executed between SREI Equipment Finance Limited and Attivo…
- **2014-04-29 — Mortgage Cr…**: Corporate Debtor created a mortgage and/or first exclusive charge over various immovable…

## 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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