# In the matter of Tamra Dhatu Udyog Private Limited CP(IB) No. 128-KB-2020

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-04762. HDFC Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-04762
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/tamra-dhatu-udyog-private-limited-cpib-no-128-kb-2020-6d59d975

## Summary

### Background

HDFC Bank Ltd. filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Tamra Dhatu Udyog Private Limited due to default on credit facilities.

## Facts

HDFC Bank Ltd. sanctioned credit facilities to Tamra Dhatu Udyog Private Limited in November 2014.

The credit facilities included Sale Invoice Financing, LC Discounting, and FX PSR facilities.

The Corporate Debtor approached the applicant bank for revision in terms of the credit facilities in 2015.

The Corporate Debtor issued a letter dated 9 November 2015 to the applicant bank setting up an Invoice Finance Limit of Rs. 10 crores.

The Corporate Debtor failed to service the loan and repay its dues, leading to the account being classified as a Non-Performing Asset (NPA) on 5 November 2019.

The Corporate Debtor issued a cheque that was returned unpaid due to 'Insufficiency of Funds'.

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## Issues and analysis

### Issue 1: Whether the Inter-Creditor Agreement (ICA) is binding on the Financial Creditor and bars the …

**Ratio:** An inter-Creditor Agreement does not curtail or limit the rights of a Financial Creditor

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**Reasoning:** Section 238 of the IBC overrides other laws, including contractual rights recognized by

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**Interpretation:** The statutory right under Section 7 of the IBC cannot be curtailed or made

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**Application:** The Adjudicating Authority held that the ICA does not prevent HDFC Bank from

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Appellants:** HDFC Bank…; HDFC Bank L…
- **Respondents:** TAMRA DHATU UDYOG…
- **Other parties:** Mamta B…; Carona Ltd. vs.…; +1 more
- **Advocates:** Joy S…; PadamKh…; +5 more

## Timeline

- **2014-11-25 — Sanction…**: Financial creditor sanctioned credit…
- **2019-11-05 — NPA Decla…**: Accounts of the Corporate Debtor…

## 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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