# In the matter of Rajdeep Buildcon Private Limited

> NCLT judgment dated 2025-06-04. Citation: TCN-2025-NCLT-00935. Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 4 Jun 2025
- **Citation:** TCN-2025-NCLT-00935
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/rajdeep-buildcon-private-limited-11a107fc

## Summary

### Background

Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Rajdeep Buildcon Private Limited for a default of Rs. 8,74,08,242.85 as of 17.03.2023, along with outstanding bank guarantees of Rs. 17,85,70,393.

## Facts

Canara Bank, the Financial Creditor, filed an application under Section 7 of the IBC against Rajdeep Buildcon Private Limited, the Corporate Debtor.

The alleged default amount was Rs. 8,74,08,242.85 as of 17.03.2023, in addition to outstanding bank guarantees of Rs. 17,85,70,393.

The Corporate Debtor is engaged in the construction of roads, bridges, flyovers, railway overbridges, highways, and various types of industrial and factory buildings.

The Applicant had sanctioned Overdraft Cash Credit (OCC) and Bank Guarantee (BG) facilities to the Corporate Debtor.

The Corporate Debtor's account was classified as NPA on 17.05.2022.

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## Issues and analysis

### Issue 1: Whether the NPA date can be considered as the date of default for the purpose of proceedings under …

**Ratio:** The Hon'ble NCLAT in Milind Kashiram Jadhav v. State Bank of India & Ors. upheld that

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**Reasoning:** The Tribunal relied on the judgment

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**Interpretation:** The NPA date can be used

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**Application:** The Tribunal considered the NPA date as

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Canara…
- **Respondents:** Rajdeep Buildcon…
- **Other parties:** Rajesh Mannalal…; Vikas Gopichand…
- **Advocates:** Mily Gh…; Vidya…; +1 more

## Timeline

- **14.06.2024 — Application…**: Canara Bank filed the…
- **17.03.2023 — Default…**: The alleged default date…

## 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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