# Omkara Assets Reconstruction Private Limited vs. Kristal Projects (India) Limited

> NCLT judgment dated 7 Apr 2026. Citation: TCN-2026-NCLT-00475. Omkara Assets Reconstruction Private Limited, a financial creditor, filed a petition under…

- **Court:** NCLT
- **Order date:** 7 Apr 2026
- **Citation:** TCN-2026-NCLT-00475
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/omkara-assets-reconstruction-private-limited-vs-kristal-projects-2uesc

## Summary

### Background

Omkara Assets Reconstruction Private Limited, a financial creditor, filed a petition under Section 7 of the IBC, 2016 against Kristal Projects (India) Limited, the corporate debtor. The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) for an outstanding debt of Rs. 135,59,84,933/-. The debt originated from a loan sanctioned by Dewan Housing Finance Limited (DHFL) to Kristal Infrastructure Limited (Principal Borrower), for which Kristal Projects (India) Limited had provided a corporate guarantee. The loan was subsequently assigned from Piramal Capital and Housing Finance Limited (PCHFL) (into which DHFL merged) to Omkara Assets Reconstruction Private Limited. The corporate debtor failed to make payments despite multiple recall notices and

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## Facts

Omkara Assets Reconstruction Private Limited (Financial Creditor) filed a Section 7 IBC petition against Kristal Projects (India) Limited (Corporate Debtor).

The total outstanding debt is Rs. 135,59,84,933/-.

The Corporate Debtor acted as a corporate guarantor for a loan sanctioned by Dewan Housing Finance Limited (DHFL) to Kristal Infrastructure Limited (Principal Borrower).

The loan amount was assigned by Piramal Capital and Housing Finance Limited (PCHFL) to Omkara Assets Reconstruction Private Limited on 10.01.2023.

The Date of Default is 18.02.2019, as per the Recall-cum-Invocation of the Corporate Guarantee dated 18.02.2019.

The Corporate Debtor's liability is co-extensive and co-terminus with the Principal Borrower.

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## Issues and analysis

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

**Ratio:** Section 7 of the IBC requires the Adjudicating Authority to be satisfied that a financial

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**Reasoning:** The court reviewed the loan documents, the Deed of Corporate Guarantee, and multiple

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**Interpretation:** The court interpreted the financial documents and the corporate guarantee deed

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**Application:** Based on the uncontroverted evidence presented by the Financial Creditor

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## Parties

- **Judges:** Shri. Sunil Kumar…; Shri. Radhakrishna…
- **Appellants:** Omkara Assets…
- **Respondents:** Kristal Projects…
- **Other parties:** Insolvency and…; Corporate…; +7 more
- **Advocates:** Rose…

## Timeline

- **2011-09-14 — Sanction…**: Dewan Housing Finance Limited (DHFL) issued a sanction letter for Rs. 35,00,00,000/- to…
- **2011-09-26 — Loan Agreement &…**: Loan Agreement executed between DHFL and Kristal Infrastructure Limited. Deed of…

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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/omkara-assets-reconstruction-private-limited-vs-kristal-projects-2uesc