# Sital Leasing and Finance Limited vs. JLA Infraville Shoppers Limited

> NCLT judgment dated 16 Apr 2026. Citation: TCN-2026-NCLT-00384. Sital Leasing and Finance Limited filed a petition under Section 7 of the I&B Code 2016…

- **Court:** NCLT
- **Order date:** 16 Apr 2026
- **Citation:** TCN-2026-NCLT-00384
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/sital-leasing-and-finance-limited-vs-jla-infraville-shoppers-limited-04a527b8

## Summary

### Background

Sital Leasing and Finance Limited filed a petition under Section 7 of the I&B Code 2016 against JLA Infraville Shoppers Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in repayment of a financial debt.

## Facts

Sital Leasing and Finance Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The petition was filed on 16.12.2025.

Sital Leasing and Finance Limited is a Non-Banking Financial Company.

JLA Infraville Shoppers Limited is a company incorporated under the Companies Act, 2013.

JLA Infraville Shoppers Limited requested a working capital loan of ₹5,00,00,000/- from Sital Leasing and Finance Limited.

Sital Leasing and Finance Limited sanctioned an unsecured working capital loan facility up to ₹2,40,00,000/- to JLA Infraville Shoppers Limited.

A Loan Agreement was entered into on 10.07.2025, stipulating a 3-month loan period with 10% annual interest.

Sital Leasing and Finance Limited disbursed ₹2,38,35,000/- in multiple tranches.

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## Issues and analysis

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

**Ratio:** The Hon'ble Supreme Court in Innoventive Industries Ltd. v. ICICI Bank has held that once

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**Reasoning:** The Adjudicating Authority observed that the Petitioner has relied upon the Loan

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**Interpretation:** The court interpreted Section 5(8)(a) of the Code regarding the definition of

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**Application:** The Loan Agreement stipulated interest at the rate of 10% per annum. The Court

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Sital Leasing and…
- **Respondents:** JLA Infraville…
- **Other parties:** Insolvency and…; Corporate…; +3 more
- **Advocates:** Adar…; Adarsh…; +1 more

## Timeline

- **16.12.2025 — Filing of Company…**: The Company Petition was filed by the Petitioner/Financial Creditor under Section 7 of…
- **05.06.2025 — Board Reso…**: Corporate Debtor, authorized its Director to…

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