# In the matter of KARANJA TERMINAL & LOGISTICS PRIVATE LIMITED

> NCLT judgment dated 2025-11-17. Citation: TCN-2025-NCLT-01659. 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-01659
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/karanja-terminal-amp-logistics-private-limited-d2ae1460

## Summary

### Background

Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Karanja Terminal & Logistics Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was based on a default of INR 330,40,24,498.23 as of 30.08.2024, with the date of default being 11.06.2021.

## Facts

Canara Bank filed an application under Section 7 of the IBC against Karanja Terminal & Logistics Private Limited.

The amount claimed to be in default is INR 330,40,24,498.23 as on 30.08.2024.

The date of default is stated as 11.06.2021 under the One-Time Restructuring (OTR).

The Corporate Debtor requested for One Time Restructuring (OTR) under Resolution Framework for COVID-19 related Stress.

The Corporate Debtor had approached the Applicant and requested to grant Financial Facilities.

The Corporate Debtor entered into a Common Loan Agreement dated 28 February 2014 with the Lenders for securing the loan amount of Rs. 480,00,00,000/-.

The Corporate Debtor submitted a proposal for One Time Settlement (OTS) for a total consideration of Rs. 430 Crores.

…

## Issues and analysis

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

**Ratio:** The Adjudicating Authority relied on the records of the information utility and other

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

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**Interpretation:** The Adjudicating Authority need not ascertain the exact amount of default

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**Application:** The Adjudicating Authority concluded that the Corporate Debtor has committed a

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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

- **2014-02-28 — Common Loan A…**: Corporate Debtor entered into a Common…
- **2021-06-11 — OTR Framework…**: Framework Agreement executed between the Corporate Debtor and the Lenders along with the…

## 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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