# In the matter of KARANJA TERMINAL & LOGISTICS PRIVATE LIMITED

> NCLT judgment dated 2025-11-17. Citation: TCN-2025-NCLT-01855. Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 17 Nov 2025
- **Citation:** TCN-2025-NCLT-01855
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/karanja-terminal-amp-logistics-private-limited-a692a969

## Summary

### Background

Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Karanja Terminal & Logistics Private Limited, citing a default of INR 330,40,24,498.23 as of 30.08.2024. The default was triggered on 11.06.2021 when the loan accounts were classified as Non-Performing Asset (NPA).

## Facts

Canara Bank, the Financial Creditor, filed an application under Section 7 of the IBC to initiate CIRP against Karanja Terminal & Logistics Private Limited.

The claimed default amount is INR 330,40,24,498.23 as of 30.08.2024, with the date of default being 11.06.2021.

The Corporate Debtor requested One Time Restructuring (OTR) under the Resolution Framework for COVID-19 related Stress, which was sanctioned by Canara Bank.

The Corporate Debtor failed to honor the debt obligations under OTR and defaulted towards repayment of principal and interest.

The Corporate Debtor argued that the sanctioned loan of INR 480 crores was not fully disbursed, causing financial hardships.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** The Adjudicating Authority must be

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**Reasoning:** The Corporate Debtor failed to repay the loan as per the scheduled repayment structure

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**Interpretation:** A default occurs when the Corporate Debtor fails to meet its repayment

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**Application:** The NCLT found that the Corporate Debtor had defaulted in repaying the

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Canara…
- **Respondents:** Karanja Terminal…
- **Other parties:** Vijay Pitamber…
- **Advocates:** Narpat…; Aman Kac…; +3 more

## Timeline

- **2010-05-14 — Incorporati…**: Date of incorporation of…
- **2014-02-28 — Common Loan A…**: Date of Common Loan Agreement…

## 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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