# Srei Equipment Finance Ltd vs. Gajraj Mining Pvt Ltd

> NCLT judgment dated 24 Apr 2026. Citation: TCN-2026-NCLT-00443. Srei Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of…

- **Court:** NCLT
- **Order date:** 24 Apr 2026
- **Citation:** TCN-2026-NCLT-00443
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/srei-equipment-finance-ltd-vs-gajraj-mining-pvt-ltd-4pipj

## Summary

### Background

Srei Equipment Finance Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Gajraj Mining Private Limited (Corporate Debtor) for initiation of Corporate Insolvency Resolution Process (CIRP). This was due to a default in payment of a financial debt amounting to Rs. 4,06,43,35,016/- as of 30.04.2024. The Financial Creditor had extended equipment finance facilities to the Corporate Debtor through 20 Loan-cum-Hypothecation Agreements for a total sanctioned sum of Rs. 1,43,98,46,401/-. The Corporate Debtor was irregular in its repayment obligations and acknowledged the outstanding debt in its audited Balance Sheet for Financial Year 2022-23.

## Facts

Srei Equipment Finance Limited (Applicant/Financial Creditor) filed an application under Section 7 of the IBC, 2016, against Gajraj Mining Private Limited (Respondent/Corporate Debtor).

The application sought to initiate Corporate Insolvency Resolution Process (CIRP) due to a default in payment of financial debt.

The outstanding financial debt amounted to Rs. 4,06,43,35,016/- as of 30.04.2024, which was also the date of default.

Gajraj Mining Private Limited was incorporated on 07.09.2010 under the Companies Act, 2013, with CIN: U14107MP2010PTC024270.

Directors of the Corporate Debtor included Mr. Kabir Zaidi and Mr. Niranjan Kumar Sinha.

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## Issues and analysis

### Issue 1: Whether the amounts advanced by the Financial Creditor to the Corporate Debtor constitute a …

**Ratio:** Amounts advanced against consideration for the time value of money, evidenced by

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**Reasoning:** The Tribunal observed the execution of 20 Loan-cum-Hypothecation Agreements for a

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**Interpretation:** The court interpreted Section 5(8) of the IBC, 2016, to encompass transactions

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**Application:** Given the comprehensive evidence including loan agreements, bank statements,

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## Parties

- **Judges:** Brajendra Mani…; Member…; +2 more
- **Appellants:** SREI Equipment…
- **Respondents:** Gajraj Mining…
- **Other parties:** Corporate…; Financial…; +9 more

## Timeline

- **2006-06-13 — Incorporation of SREI…**: SREI Equipment Finance Limited (Applicant/Financial Creditor) was incorporated under the…
- **2010-09-07 — Incorporation of Gajraj…**: Gajraj Mining Private Limited (Respondent/Corporate Debtor) was incorporated under the…

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