# Jaysheel Khemani vs. Cybercorp Limited

> NCLT judgment dated 2026-08-11. Citation: TCN-2026-NCLT-00821. Jaysheel Khemani, the Financial Creditor, filed a Company Petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 11 Aug 2026
- **Citation:** TCN-2026-NCLT-00821
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/jaysheel-khemani-vs-cybercorp-limited-b0w4v

## Summary

### Background

Jaysheel Khemani, the Financial Creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Cybercorp Limited, the Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 10,81,53,505/-. An Intervention Application was also filed by Anil Kaushik, a director and shareholder of the Corporate Debtor, seeking to intervene in the proceedings.

## Facts

Jaysheel Khemani (Financial Creditor/Applicant) filed a Company Petition (IB) No. 39/KB/2026 under Section 7 of the IBC against Cybercorp Limited (Corporate Debtor/Respondent).

The petition seeks to initiate CIRP due to a default in repayment of a financial debt amounting to Rs. 10,81,53,505/-.

Cybercorp Limited approached Jaysheel Khemani for financial assistance in May 2025.

A Loan Agreement was entered into on 01.05.2025, providing for a loan amount up to Rs. 10,00,00,000/- to be disbursed in tranches.

The loan tenure was 3 years, from 01.05.2025 until 30.04.2028, with an interest rate of 12% p.a.

The agreement included a default interest rate of 18% p.a. and an Acceleration Clause making the entire outstanding amount due upon any interest default.

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## Issues and analysis

### Issue 1: Whether the Proposed Intervenor, Anil Kaushik, has the locus standi to file an Intervention …

**Ratio:** Shareholders or directors generally do not have a right to be heard at the admission

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**Reasoning:** The NCLT referred to NCLAT judgments in *Prayag Polytech Pvt. Ltd. v. Hind Tradex Ltd.*,

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**Interpretation:** The IBC framework aims for swift resolution and limits the parties who can be

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**Application:** Anil Kaushik, as a director and shareholder, was deemed to lack locus standi to

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## Parties

- **Judges:** BIDISHA BANERJEE,…; REKHA KANTILAL…
- **Appellants:** Jaysheel K…; Anil Ka…
- **Respondents:** Cybercorp L…
- **Other parties:** Sourabh K…; Joshita Davar…; +2 more
- **Advocates:** Abhrajit…; Jishnu Cho…; +11 more

## Timeline

- **2025-05 — Approach for Financial…**: Cybercorp Limited (CD) approached Jaysheel Khemani (FC) seeking financial assistance for…
- **2025-05-01 — Loan Agreement…**: Jaysheel Khemani and Cybercorp Limited entered into a Loan Agreement (Annexure A-5) for a…

## 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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