# In the matter of Galaxy Construction and Contractors Private Limited

> NCLT judgment dated 2025-11-26. Citation: TCN-2025-NCLT-01729. Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016…

- **Court:** NCLT
- **Order date:** 26 Nov 2025
- **Citation:** TCN-2025-NCLT-01729
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/galaxy-construction-and-contractors-private-limited-47390014

## Summary

### Background

Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Galaxy Constructions and Contractors Private Limited, the Corporate Debtor (CD). The application was filed due to a default of Rs.1,49,95,87,934.49/- as on 30.11.2024. The applicant proposed Mr. Srigini Rajat Naidu as the Interim Resolution Professional (IRP).

## Facts

Canara Bank filed an application under Section 7 of the IBC to initiate CIRP against M/s. Galaxy Constructions and Contractors Private Limited.

The amount claimed to be in default was Rs.1,49,95,87,934.49/- as on 30.11.2024.

The date of default as per Part IV of the Application is 25.07.2017, and the CD was declared NPA on 26.04.2018.

The Applicant proposed Mr. Srigini Rajat Naidu as the Interim Resolution Professional (IRP).

The CD argued that the application was barred by limitation and that the NPA classification was illegal.

The CD contended that the Applicant failed to follow mandatory preconditions before declaring the account as NPA, as per the MSME rehabilitation framework.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** The application is not

…

**Reasoning:** The Tribunal found that the part payments made in 2019 and 2020, as well as the OTS

…

**Interpretation:** The acknowledgment of debt through OTS proposals and part payments made before

…

**Application:** The Tribunal applied the principle that acknowledgment of debt and part

…

## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Canara…
- **Respondents:** M/s. Galaxy…; M/s. Galaxy…; +1 more
- **Other parties:** Srigini Rajat…
- **Advocates:** Gajendra A.…; Haris A…; +1 more

## Timeline

- **2025-01-02 — Application…**: Canara Bank filed the C.P. (IB) No.301/MB/2025…
- **2017-07-25 — Date of D…**: Date of Default as per…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-mumbai/galaxy-construction-and-contractors-private-limited-47390014