# In the matter of SAKET INFRADEVELOPERS PRIVATE LIMITED

> NCLT judgment dated 2026-02-17. Citation: TCN-2026-NCLT-00149. Aditya Birla Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 17 Feb 2026
- **Citation:** TCN-2026-NCLT-00149
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/saket-infradevelopers-private-limited-026e5f99

## Summary

### Background

Aditya Birla Finance Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Saket Infra Developers Pvt Ltd, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to a default in repayment of a financial debt amounting to Rs. 8,18,00,000/-.

## Facts

Aditya Birla Finance Limited disbursed an aggregate sum of Rs. 8,18,00,000/- to Saket Infra Developers Pvt Ltd under multiple sanction letters and loan agreements between 2016 and 2021.

Saket Infra Developers Pvt Ltd's loan account was classified as NPA on 13 November 2023 after the restructured installments remained overdue for more than 90 days.

The outstanding amount as on 28 November 2023 was Rs. 7,88,20,657.67/-.

Saket Infra Developers Pvt Ltd claimed that the petition was barred by Section 10A, as the date of default was 15 March 2021, falling within the COVID-19 exclusion window.

Saket Infra Developers Pvt Ltd claimed to be an MSME unit entitled to protection under the 29.05.2015 MSME Framework for Revival and Rehabilitation.

…

## Issues and analysis

### Issue 1: Whether Section 10A of the IBC bars …

**Ratio:** Section 10A does not apply to defaults occurring after 25.03.2021 or to continuing

…

**Reasoning:** The operative default pleaded by the Applicant is post-restructuring that culminated in

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**Interpretation:** The Adjudicating Authority interpreted Section 10A to apply only to defaults

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**Application:** The Adjudicating Authority held that Section 10A does not bar the application

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## Parties

- **Judges:** BIDISHA BA…; Siddharth…
- **Appellants:** ADITYA BIRLA…
- **Respondents:** Saket Infra…
- **Other parties:** Mahesh…
- **Advocates:** Shaunak…; Amit Kr…; +2 more

## Timeline

- **2016 — Initial Sa…**: Initial sanction of loan…
- **2016-2021 — Loan Disbur…**: Disbursement of Rs. 8,18,00,000/- under…

## 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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