# In the matter of Pan India Infraprojects Ltd.

> NCLT judgment dated 2026-01-12. Citation: TCN-2026-NCLT-00062. The appeal was filed by Jammu & Kashmir Bank Limited against the decision of the Liquidator,…

- **Court:** NCLT
- **Order date:** 12 Jan 2026
- **Citation:** TCN-2026-NCLT-00062
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/pan-india-infraprojects-ltd-5dfdc846

## Summary

### Background

The appeal was filed by Jammu & Kashmir Bank Limited against the decision of the Liquidator, who classified the bank as an unsecured financial creditor in the liquidation process of Pan India Infraprojects Pvt. Ltd.

## Facts

Jammu & Kashmir Bank Limited sanctioned a Corporate Loan of Rs. 200 Crores and a Bank Guarantee Facility of Rs.30 Crores in favor of Pan India Network Private Limited (“PINPL”).

Existing collateral securities were replaced by pari-passu charge on non agricultural land situated in Bhayander and later by Pari- passu charge on land measuring 196.16 acres located at Gorai Village.

The Appellant sanctioned two Term Loan of Rs. 100 Crores to the Corporate Debtor.

EIL demerged and another entity, i.e., Essel Urban Infrastructures Private Limited ("EUIPL") was created.

EUIPL was merged into the Corporate Debtor, i.e., PIIPL.

The Liquidator admitted the claim of the Appellant as Unsecured Financial Creditor.

…

## Issues and analysis

### Issue 1: Whether the security interest in Gorai Land owned by EIL to secure loan granted to PIUDCL is …

**Ratio:** The mortgage deed 27.12.2013 creating a charge on Gorai Land which stood transferred to

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**Reasoning:** The scheme of arrangement between EIL and EUIPL transferred liabilities as well as deed,

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**Interpretation:** The security interest in Gorai Land owned by EUIPL consequent to scheme of

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**Application:** The Tribunal held that the security interest in Gorai Land is continued to be

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Appellants:** Jammu And Kashmir…; JC Flowers Asset…; +1 more
- **Respondents:** Pan India…; Ajay Agrawal,…
- **Other parties:** Ajay Ag…; RP (now Liquidator…
- **Advocates:** Chetan Ka…; Rohan Ag…; +4 more

## Timeline

- **2019 — Company Petiti…**: Company Petition (IB) 2815/MB/2019 was filed by Garg Enterprises under Section 9 of the…
- **2020-07-16 — CIRP Comm…**: Corporate Insolvency Resolution Process (“CIRP”) for resolution of Corporate Debtor under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 77 — Punishment for providing false information in…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-77)

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