# HDFC Bank Limited vs. Resolution Professional (Mr. Sachin Gopal Jathar), BBT Elevated Road Private Limited & Anr.

> NCLT judgment dated 17 Mar 2026. Citation: TCN-2026-NCLT-00347. HDFC Bank Limited filed an application (I.A. (I.B.) No. 493/KB/2025) under Section 60(5) of…

- **Court:** NCLT
- **Order date:** 17 Mar 2026
- **Citation:** TCN-2026-NCLT-00347
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/hdfc-bank-limited-vs-resolution-professional-f683m

## Summary

### Background

HDFC Bank Limited filed an application (I.A. (I.B.) No. 493/KB/2025) under Section 60(5) of the IBC seeking directions for the return of Rs. 105,22,41,974/- held in constructive trust by the Corporate Debtor, BBT Elevated Road Private Limited. BBT Elevated Road Private Limited, a subsidiary of Riverbank Developers Private Limited (RDPL), was admitted into CIRP on 19.12.2023. HDFC Bank had disbursed loans to RDPL (approx. Rs. 827.63 Crores) for infrastructure development, and these funds were subsequently transferred to the Corporate Debtor. A letter of undertaking dated 22nd November 2021, executed by the Corporate Debtor and RDPL, indicated that any surplus funds with the Corporate Debtor, after a settlement with the Government of West Bengal, would be assigned back

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## Facts

HDFC Bank Limited filed I.A. (I.B.) No. 493/KB/2025 on March 20, 2025, seeking directions for the return of Rs. 105,22,41,974/- from the Corporate Debtor.

The Corporate Debtor, BBT Elevated Road Private Limited, was incorporated on February 19, 2014, as a special purpose vehicle for developing an elevated road project in Kolkata.

Riverbank Developers Private Limited (RDPL), the holding company of BBT Elevated Road Private Limited, had availed loans from HDFC Bank since 2010, totaling approximately Rs. 827.63 Crores, for the Calcutta Riverside project and infrastructure development.

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## Issues and analysis

### Issue 1: Whether the funds amounting to Rs. 105,22,41,974/-, transferred from HDFC Bank Limited to the …

**Ratio:** Monies received by a company for a specific purpose and impressed with a trust do not

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**Reasoning:** The court referred to several precedents and statutory provisions. Barioda Spg. &

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**Interpretation:** The legal provisions and precedents interpret 'assets' of a corporate debtor

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**Application:** Given that HDFC Bank's funds, amounting to Rs. 105,22,41,974/-, were

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## Parties

- **Judges:** BIDISHA BA…; MEMBER (JUD…; +2 more
- **Appellants:** HDFC Bank L…
- **Respondents:** BBT Elevated Road…; Resolution…
- **Other parties:** Insolvency and…; Constructiv…; +6 more

## Timeline

- **2014-02-19 — Corporate Debtor…**: BBT Elevated Road Private Limited (Corporate Debtor) was formed and incorporated as a…
- **2016-09-23 — Loan sanction letter…**: A sanction letter recorded the purpose for sanction of a loan of Rs. 150 crores to RDPL…

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