# IDBI Bank Limited vs. M/s GVK Coal (Tokisud) Company Private Ltd

> NCLT judgment dated 4 May 2026. Citation: TCN-2026-NCLT-00481. IDBI Bank Limited, the Financial Creditor (FC), filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 4 May 2026
- **Citation:** TCN-2026-NCLT-00481
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/idbi-bank-limited-vs-ms-gvk-coal-sg83d

## Summary

### Background

IDBI Bank Limited, the Financial Creditor (FC), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s GVK Coal (Tokisud) Company Private Ltd, the Corporate Debtor (CD), seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The petition arose from a default in repayment of a debt amounting to Rs 39,66,95,710.46 as on November 1, 2025. The CD was incorporated by GVK Power (Goindwal Sahib) Limited (GPGSL) to develop a coal mine for its power project. A Facility Agreement for loans up to Rs 225 crores was executed in 2010, with IDBI Security Trustee appointed. The project faced delays, leading to loan restructuring. Subsequently, the Supreme Court cancelled coal block allocations in 2014, impacting the CD and

…

## Facts

IDBI Bank Limited (Financial Creditor) filed a petition seeking initiation of CIRP against M/s GVK Coal (Tokisud) Company Private Limited (Corporate Debtor) under Section 7 of the IBC for default in debt repayment.

The total amount in default as on 01.11.2025 is Rs 39,66,95,710.46.

GVK Power (Goindwal Sahib) Limited (GPGSL) incorporated M/s GVK Coal (Tokisud) Company Private Ltd to develop a coal mine for its 540 MW thermal power project.

GPGSL entered into Coal Supply and Transportation Agreements dated 06.06.2009 for 25 years.

A Facility Agreement dated 27.04.2010 was executed between the CD, FC (as Lenders' Agent), and other lenders for aggregate rupee loans up to Rs 225 crores.

…

## Issues and analysis

### Issue 1: Whether there exists a financial debt …

**Ratio:** Under Section 7 of the Insolvency and Bankruptcy Code, 2016, the Adjudicating Authority

…

**Reasoning:** The Corporate Debtor admitted its liability in its financial statements for the fiscal

…

**Interpretation:** The Tribunal interpreted the repeated acknowledgements of debt in financial

…

**Application:** The Financial Creditor successfully demonstrated the existence of debt and

…

## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** IDBI Bank L…
- **Respondents:** M/s GVK Coal…
- **Other parties:** Insolvency and…; Corporate…; +6 more

## Timeline

- **2009-06-06 — Coal Supply and…**: GPGSL entered into Coal Supply and…
- **2010-04-27 — Facility Agreement…**: A Facility Agreement was executed between the CD, FC as Lenders' Agent, and other lenders…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-kolkata/idbi-bank-limited-vs-ms-gvk-coal-sg83d