# Capri Global Capital Limited vs. Silver Jubilee Motors Limited

> NCLT judgment dated 2026-09-30. Citation: TCN-2026-NCLT-01085. Capri Global Capital Limited (Financial Creditor) filed a Section 7 IBC application against…

- **Court:** NCLT
- **Order date:** 30 Sept 2026
- **Citation:** TCN-2026-NCLT-01085
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/silver-jubilee-motors-limited-9hapa

## Summary

### Background

Capri Global Capital Limited (Financial Creditor) filed a Section 7 IBC application against Silver Jubilee Motors Limited (Corporate Debtor) for a default of Rs. 2.66 crore. This was not the first instance, as a previous CIRP against the CD was initiated and later withdrawn due to a settlement. However, the CD again defaulted, leading to the current application. After the current application was filed, the parties entered into a One Time Settlement (OTS) for Rs. 1.98 crore, but the CD failed to fully comply with its terms. The CD also filed an Interlocutory Application (IA) to introduce loan account statements classifying the accounts as "Live" and argued that the OTS and subsequent payments reduced the outstanding amount below the statutory threshold, making

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## Facts

Capri Global Capital Limited (Financial Creditor) filed C.P. (IB) No. 242 of 2026 under Section 7 of the IBC, 2016, against Silver Jubilee Motors Limited (Corporate Debtor).

The amount claimed in default is Rs. 2,66,04,388.99/- as on 23.02.2026.

The date of default is stated as 03.04.2025.

Mr. Davinder Singh Saroya was proposed as the Interim Resolution Professional (IRP).

The FC and CD entered into Facility Agreements on 31.08.2015 and 31.08.2016, leading to loan disbursements.

The CD was irregular in repayment, and its account was declared a Non-Performing Asset (NPA) on 05.12.2020.

A Demand Notice under Section 13(2) of the SARFAESI Act, 2002, was issued by the FC on 24.05.2021, demanding Rs. 3,33,86,733/-.

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## Issues and analysis

### Issue 1: Whether the subsequent OTS dated 18.03.2026 and payments made thereunder render the Section 7 …

**Ratio:** A subsequent One Time Settlement (OTS), if not fully performed and containing a

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**Reasoning:** The OTS came into existence after the Section 7 application was filed. The jurisdiction

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**Interpretation:** The OTS was a conditional settlement, not an unconditional extinguishment of

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**Application:** The Section 7 application remains maintainable because the OTS failed due to

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Capri Global…
- **Respondents:** Silver Jubilee…
- **Other parties:** Davinder Singh…
- **Advocates:** Kunal God…; Kinjal C…; +3 more

## Timeline

- **2015-08-31 — First Facility…**: Capri Global Capital Limited (FC) and Silver Jubilee Motors Limited (CD) entered into a…
- **2016-08-31 — Second Facility…**: Another Facility Agreement was executed between the FC and CD for disbursement of Rs.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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