# In the matter of JAIN INFRAPROJECTS LIMITED

> NCLT judgment dated 2025-09-16. Citation: TCN-2025-NCLT-01422. IDBI Bank Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 16 Sept 2025
- **Citation:** TCN-2025-NCLT-01422
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/jain-infraprojects-limited-766269b5

## Summary

### Background

IDBI Bank Ltd filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/S Jain Infraprojects Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed default on credit facilities extended to the Corporate Debtor.

## Facts

The Corporate Debtor, M/S Jain Infraprojects Limited, is a public limited company engaged in civil construction projects.

IDBI Bank Ltd, the Financial Creditor, sanctioned credit facilities to the Corporate Debtor, including fund-based and non-fund-based limits.

The Corporate Debtor failed to adhere to the terms and conditions of the sanction letters and did not repay the dues within the prescribed timelines.

The loan account of the Corporate Debtor with the Financial Creditor was classified as Non-Performing Asset (NPA) with the date of default recorded as 30.09.2013.

The Corporate Debtor submitted multiple One-Time Settlement (OTS) proposals to the Financial Creditor, which were not fully accepted.

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## Issues and analysis

### Issue 1: Whether the Financial Creditor had the proper authorization to file the application under Section 7 …

**Ratio:** The Adjudicating Authority held that the Financial Creditor had sufficient authorization

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**Reasoning:** The Corporate Debtor challenged the maintainability of the petition under Section 7 of

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**Interpretation:** The Adjudicating Authority interpreted that the absence of a specific

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**Application:** The Adjudicating Authority applied the principle that the substance of

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** IDBI Bank…
- **Respondents:** M/S Jain Infraproj…
- **Other parties:** Subodh Kumar…
- **Advocates:** Snehasish…; Rishav Ba…; +1 more

## Timeline

- **2013-09-30 — Date of D…**: Loan account of the Corporate Debtor…
- **2022-07-18 — Initial CIRP A…**: Corporate Debtor initially admitted to CIRP by…

## 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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