# SREI Equipment Finance Limited vs. Rankini Power Generation Private Limited

> NCLT judgment dated 2026-05-14. Citation: TCN-2026-NCLT-00504. SREI Equipment Finance Limited (Financial Creditor) filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 14 May 2026
- **Citation:** TCN-2026-NCLT-00504
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/srei-equipment-finance-limited-vs-rankini-power-generation-private-limited-q1va5

## Summary

### Background

SREI Equipment Finance Limited (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Rankini Power Generation Private Limited (Corporate Debtor) to initiate the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed default on a loan facility of Rs. 690 Crores sanctioned in 2018, alleging non-payment of interest and classification of the Corporate Debtor's account as a Non-Performing Asset (NPA) on 30.09.2021, with the date of default being 30.06.2021. The Corporate Debtor contested the petition, arguing that the loan agreement included a 10-year moratorium on both principal and interest repayment, that the petition was not maintainable due to a pending Section 66 IBC application (IA No. 1691

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## Facts

SREI Equipment Finance Limited (FC) filed Company Petition (IB) No. 67/KB/2025 under Section 7 of the IBC, 2016, against Rankini Power Generation Private Limited (CD).

The petition seeks initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

A loan facility of Rs. 690 Crores was sanctioned to the Corporate Debtor via a Sanction Letter dated 15.10.2018.

A Rupee Loan Agreement was executed between the parties on 31.10.2018.

The first disbursement of the loan was made on 19.03.2019.

The Financial Creditor claims the Corporate Debtor failed to service interest and other dues, leading to the account being declared a Non-Performing Asset (NPA) on 30.09.2021.

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## Issues and analysis

### Issue 1: Whether there exists a …

**Ratio:** A transaction involving the disbursement of money against consideration for the time

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**Reasoning:** The Financial Creditor relied on a Sanction Letter dated 15.10.2018 and a Rupee Loan

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**Interpretation:** Section 5(8) of the IBC defines financial debt broadly. The Adjudicating

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**Application:** Despite the Corporate Debtor's arguments about fund diversion and the Financial

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## Parties

- **Judges:** BIDISHA BA…; Cmde Siddharth…
- **Appellants:** SREI Equipment…
- **Respondents:** Rankini Power…
- **Other parties:** SIFL…; Bijay Mur…
- **Advocates:** Gopal…; Debnath…; +6 more

## Timeline

- **2018-10-15 — Loan Sanction Letter…**: A Sanction Letter for a loan facility of Rs. 690 Crores was issued to the Corporate…
- **2018-10-31 — Rupee Loan Agreement…**: A Rupee Loan Agreement was executed between SREI Equipment Finance Limited and Rankini…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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