# Gactel Turnkey Projects Limited vs. Metropolitan Infrahousing Private Limited

> NCLT judgment dated 20 Nov 2025. Citation: TCN-2025-NCLT-01734. Gactel Turnkey Projects Limited (Financial Creditor) filed an application under Section 7 of…

- **Court:** NCLT
- **Order date:** 20 Nov 2025
- **Citation:** TCN-2025-NCLT-01734
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/gactel-turnkey-projects-limited-vs-metropolitan-infrahousing-private-limited-ngxrz

## Summary

### Background

Gactel Turnkey Projects Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP) against Metropolitan Infrahousing Private Limited (Corporate Debtor). The Financial Creditor had extended a financial debt of Rs. 50,70,00,000/- to the Corporate Debtor through inter-corporate deposits between March 15, 2013, and March 18, 2013, carrying an interest rate of 14.50% per annum. As of March 31, 2024, the total amount in default, including principal and accrued interest, aggregated to Rs. 1,31,88,82,808/-. Notably, the Financial Creditor itself was undergoing CIRP, and Mr. Kumar Raghavan was appointed as its Resolution Professional. Demand notices for the

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## Facts

Gactel Turnkey Projects Limited (Financial Creditor) filed an application under Section 7 of the IBC against Metropolitan Infrahousing Private Limited (Corporate Debtor).

The Financial Creditor disbursed a financial debt of Rs. 50,70,00,000/- to the Corporate Debtor as inter-corporate deposits between March 15, 2013, and March 18, 2013.

The loan facility carried an interest rate of 14.50% per annum.

As of March 31, 2024, the total amount in default, including principal and accrued interest, was Rs. 1,31,88,82,808/-.

Gactel Turnkey Projects Limited itself underwent CIRP, and Mr. Kumar Raghavan was appointed as its Resolution Professional.

Demand notices for outstanding receivables were served to the Corporate Debtor on July 25, 2024, August 14, 2024, and August 30, 2024.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt owed by Metropolitan Infrahousing Private Limited (Corporate …

**Ratio:** A financial debt is established by a clear disbursement of funds against the time value

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**Reasoning:** The Applicant (FC) disbursed Rs. 50,70,00,000/- to the Corporate Debtor as an

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**Interpretation:** The direct provision of a loan/deposit, supported by documentary evidence in

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**Application:** The evidence presented by Gactel Turnkey Projects Limited, including bank

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Gactel Turnkey…
- **Respondents:** Metropolitan…
- **Other parties:** Insolvency and…; Corporate…; +7 more

## Timeline

- **2013-03-14 — Extraordinary General…**: An Extraordinary General Meeting of Gactel Turnkey Projects Limited (Applicant) was…
- **2013-03-15 — Loan Disbursement…**: Gactel Turnkey Projects Limited disbursed Rs. 50,00,00,000/- to Metropolitan Infrahousing…

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