# SREI Equipment Finance Limited vs. SRK Infracon (India) Private Limited

> NCLT judgment dated 29 Apr 2026. Citation: TCN-2026-NCLT-00484. SREI Equipment Finance Limited (Financial Creditor) initiated a Corporate Insolvency…

- **Court:** NCLT
- **Order date:** 29 Apr 2026
- **Citation:** TCN-2026-NCLT-00484
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/srei-equipment-finance-limited-vs-srk-infracon-ytjpo

## Summary

### Background

SREI Equipment Finance Limited (Financial Creditor) initiated a Corporate Insolvency Resolution Process (CIRP) against SRK Infracon (India) Private Limited (Corporate Debtor) by filing an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor had initially obtained term loans totaling Rs. 44,00,00,000/- from the Financial Creditor, secured by heavy-duty vehicles, for infrastructure projects. Following an initial default, the debt was restructured to Rs. 53,02,61,349/- through an Addendum Sanction Letter dated May 18, 2023, and an Amendatory and Supplemental Agreement dated June 1, 2023. However, the Corporate Debtor subsequently defaulted on these revised repayment terms. The Financial Creditor issued multiple cure and demand

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## Facts

SREI Equipment Finance Limited (Financial Creditor) filed a Company Petition under Section 7 of the IBC, 2016, against SRK Infracon (India) Private Limited (Corporate Debtor).

The Corporate Debtor received term loan facilities aggregating Rs. 44,00,00,000/- from the Financial Creditor via loan agreements dated 2019-12-13 and 2020-06-25, with vehicles held as collateral.

The Corporate Debtor defaulted on its payment obligations, leading to a restructuring of liabilities to Rs. 53,02,61,349/- under an Addendum Sanction Letter dated 2023-05-18 and an Amendatory and Supplemental Agreement dated 2023-06-01.

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## Issues and analysis

### Issue 1: Existence of Financial Debt …

**Ratio:** A commercial lending transaction with disbursement of funds and creation of a security

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**Reasoning:** The Financial Creditor extended significant term loan facilities to the Corporate Debtor,

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**Interpretation:** Section 5(8) of the IBC defines 'financial debt' to include a debt along with

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**Application:** Given the loan facilities, disbursement, security interest, and the Corporate

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** SREI Equipment…
- **Respondents:** SRK Infracon…
- **Other parties:** Insolvency and…; Corporate…; +8 more

## Timeline

- **2019-12-13 — Initial Loan Sanction…**: SREI Equipment Finance Limited sanctioned a portion of the initial loan to SRK Infracon…
- **2020-06-25 — Initial Loan Sanction…**: SREI Equipment Finance Limited sanctioned a portion of the initial loan to SRK Infracon…

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