# In the matter of SUPREME BEST VALUE KOLHAPUR(SHIROLI) SANGLI TOLLWAYS PRIVATE LIMITED

> NCLT judgment dated 2025-08-25. Citation: TCN-2025-NCLT-01242. Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 25 Aug 2025
- **Citation:** TCN-2025-NCLT-01242
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/supreme-best-value-kolhapurshiroli-sangli-tollways-private-limited-8f602ab2

## Summary

### Background

Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Limited, seeking commencement of Corporate Insolvency Resolution Process (CIRP). The claimed default amount is Rs. 346,83,19,536.66.

## Facts

Canara Bank filed an application under Section 7 of the IBC against Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Limited.

The claimed default amount is Rs. 346,83,19,536.66.

The Corporate Debtor is a Special Purpose Vehicle (SPV) incorporated by Supreme Infrastructure India Limited (SIIL) for executing a four-laning project.

The Corporate Debtor approached various banks and financial institutions for credit facilities aggregating to Rs. 247.50 crores.

The date of default stated by the Applicant is 30.04.2017, and the account was declared as NPA on 30.07.2017.

The Corporate Debtor argued that the repayment obligation was contractually shifted to an arbitral award.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable despite the Corporate Debtor's …

**Ratio:** The Adjudicating Authority found that the Corporate Debtor's contentions regarding delays

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**Reasoning:** The Adjudicating Authority relied on the Supreme Court judgments in Innoventive

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**Interpretation:** The Adjudicating Authority interpreted the law to mean that external factors

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**Application:** The Adjudicating Authority applied the principle that the existence of a

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Canara…
- **Respondents:** Supreme Best…
- **Other parties:** Rajesh Jhunjhunwal…
- **Advocates:** Yash Dh…; Ruchita…; +2 more

## Timeline

- **2011-12-31 — Incorporation…**: Supreme Best Value Kolhapur (Shiroli) Sangli Tollways Private Ltd is incorporated as a…
- **2012-03-26 — Common Loan A…**: Common Loan Agreement…

## 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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