# Srei Equipment Finance Limited vs. R S Kamthe Infrastructure Developers Private Limited

> NCLT judgment dated 2026-10-14. Citation: TCN-2026-NCLT-01228. SREI Equipment Financial Limited (Financial Creditor) filed a Company Petition under Section 7…

- **Court:** NCLT
- **Order date:** 14 Oct 2026
- **Citation:** TCN-2026-NCLT-01228
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/r-s-kamthe-infrastructure-developers-private-limited-ysbdx

## Summary

### Background

SREI Equipment Financial Limited (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against R S Kamthe Infrastructure Developers Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a total outstanding default of Rs. 7,28,54,918/- as on 12.08.2022, arising from two Master Facility Agreements. The petition was initially dismissed by the NCLT on 02.11.2023, citing a bar under Section 10A of the Code. However, the NCLAT, in an appeal, set aside the dismissal order on 28.01.2026, ruling that Section 10A was not applicable, and revived the petition for fresh consideration. The Corporate Debtor disputed the debt, alleging incomplete loan

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## Facts

SREI Equipment Financial Limited (Financial Creditor) filed a Company Petition under Section 7 of the IBC, 2016, against R S Kamthe Infrastructure Developers Private Limited (Corporate Debtor).

The petition sought to initiate Corporate Insolvency Resolution Process (CIRP) for a default amount of Rs. 7,28,54,918/- as on 12.08.2022.

The Company Petition was initially dismissed by order dated 02.11.2023, on the ground that it was barred under Section 10A of the Code.

The Petitioner challenged the dismissal order by filing an appeal, CA (AT) (Ins) No. 116 of 2024, before the Hon'ble NCLAT.

NCLAT, vide order dated 28.01.2026, set aside the dismissal order, holding that the application was not barred by Section 10A, and revived the petition for fresh consideration.

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## Issues and analysis

### Issue 1: Whether there exists a financial debt and default on the part of R S Kamthe Infrastructure …

**Ratio:** The existence of financial debt and default is established by documentary evidence,

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**Reasoning:** For Loan Agreement No. 178737, the Corporate Debtor received the sanctioned funds and

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**Interpretation:** Section 7(4) of the IBC mandates the Adjudicating Authority to ascertain

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**Application:** The statements of account and Form D from NeSL, showing default amounts and

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## Parties

- **Judges:** LAKSHMI G…; SH. CHARANJEET…
- **Appellants:** SREI Equipment…
- **Respondents:** R S Kamthe…
- **Other parties:** SREI Equipment…; Megha Ag…
- **Advocates:** Rohan Ag…; Harshad…; +4 more

## Timeline

- **2019-07-01 — First Loan Agreement…**: First Loan Agreement No. 178737…
- **2019-09-28 — Second Loan Agreement…**: Second Loan Agreement No. 180822…

## 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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