# In the matter of MATA RANI INFRASTRUCTURE PRIVATE LIMITED

> NCLT judgment dated 2025-11-13. Citation: TCN-2025-NCLT-01680. Baba Iron Industries Private Limited, a financial creditor, filed an application under Section…

- **Court:** NCLT
- **Order date:** 13 Nov 2025
- **Citation:** TCN-2025-NCLT-01680
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/mata-rani-infrastructure-private-limited-6f0f2fdd

## Summary

### Background

Baba Iron Industries Private Limited, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Matarani Infrastructure Pvt. Ltd., the corporate debtor, due to default in repayment of a loan.

## Facts

Baba Iron Industries Private Limited granted a business loan of Rs. 1,25,00,000 to Matarani Infrastructure Pvt. Ltd. at an interest rate of 15% per annum.

The loan was disbursed in installments during July 2024.

The Corporate Debtor defaulted on interest payments for the quarter ended September 30, 2024, which became due on October 7, 2024.

The Financial Creditor issued letters to the Corporate Debtor demanding payment of interest with penal interest.

The total outstanding amount against the Corporate Debtor, including principal, interest, and penal interest, was Rs. 1,48,58,356.

The Corporate Debtor acknowledged the debt but sought more time to pay interest, agreeing to an increased interest rate of 18% per annum.

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## Issues and analysis

### Issue 1: Whether the application under Section …

**Ratio:** An application under Section 7 of the IBC Code is acceptable if the debt is proven to be

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**Reasoning:** The Adjudicating Authority considered the provisions of Section 4 and Section 7 of the

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**Interpretation:** The IBC Code allows for the initiation of CIRP when a financial debt is due and

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**Application:** The Adjudicating Authority found that the debt was proven to be due, the

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Baba Iron…
- **Respondents:** Matarani Infrastru…
- **Other parties:** Jaishree…
- **Advocates:** Minakshi…; Sohini…; +2 more

## Timeline

- **2024-07-09 — Loan Agre…**: Loan agreement executed between Baba Iron Industries Private Limited and Matarani…
- **2024-07-15 — First Instalment…**: Rs. 60,00,000 d…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60 — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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