# Canara Bank vs. Ushdev Windpark Pvt Ltd

> NCLT judgment dated 14 Oct 2025. Citation: TCN-2025-NCLT-01483. Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 14 Oct 2025
- **Citation:** TCN-2025-NCLT-01483
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/canara-bank-vs-ushdev-windpark-pvt-ltd-6de8d106

## Summary

### Background

Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Ushdev Windpark Private Limited, the Corporate Debtor, for initiating the Corporate Insolvency Resolution Process (CIRP). The petitioner claimed that the Corporate Debtor had defaulted on a loan facility of Rs. 62.80 crores and an Overdraft Bill Discounting limit of Rs. 2 crore.

## Facts

Canara Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Ushdev Windpark Private Limited.

The petition number is CP(IB)/25(CHE)/2025.

Canara Bank, the financial creditor, filed the petition on 13.01.2025.

The Corporate Debtor was sanctioned a term loan facility of Rs.62.80 crores and Overdraft Bill Discounting limit of Rs. 2 crore on 24.10.2013.

The term loan was disbursed on 14.08.2014 and 26.08.2014.

The date of NPA is 30.05.2024.

The outstanding amount as on 01.11.2024 was Rs.40,36,64,542/-.

The Corporate Debtor was setting up a wind farm project in Karnataka with a total cost of Rs. 75.50 crores.

The Promoters infused Rs. 20.25 crores to ensure the successful completion of the project.

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## Issues and analysis

### Issue 1: Whether the financial creditor, Canara Bank, has provided sufficient evidence to prove the debt and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 read with Rule 4 of the Insolvency

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**Reasoning:** The Tribunal considered the documentary evidence provided by the financial creditor,

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**Interpretation:** The Tribunal interpreted Section 7 of the IBC, 2016, to mean that the financial

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**Application:** The Tribunal applied the ratio to the facts of the case, noting that Canara

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Canara…
- **Respondents:** Ushdev Windpark…
- **Other parties:** Insolvency and…; Corporate…; +4 more

## Timeline

- **2013-10-24 — Sanction of Loan…**: Corporate Debtor was sanctioned a term loan facility of Rs.62.80 crores and Overdraft…
- **2014-08-14 — Disbursement of Term…**: Term loan was d…

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