# SREI Equipment Finance Limited vs. FNM Property Services Private Limited

> NCLT judgment dated 2026-07-08. Citation: TCN-2026-NCLT-00616. SREI Equipment Finance Limited, as Financial Creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 8 Jul 2026
- **Citation:** TCN-2026-NCLT-00616
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/srei-equipment-finance-limited-vs-fnm-property-services-private-limited-r4681

## Summary

### Background

SREI Equipment Finance Limited, as Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against FNM Property Services Private Limited, the Corporate Debtor, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The petition arose from the Corporate Debtor's default in repaying financial facilities extended under a Loan Agreement dated 30.03.2019, with a total financial debt of ₹41,99,56,525/- due as of 31.05.2025. The contractual maturity date for the bullet repayment was 30.03.2024.

## Facts

A Company Petition (IB (IBC) NO. 393/ND/2025) was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by SREI Equipment Finance Limited (Financial Creditor) against M/s FNM Property Services Private Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP).

The Corporate Debtor was incorporated on 30.03.2015 and has its registered office in New Delhi.

The Financial Creditor sought CIRP due to the Corporate Debtor's default in repaying financial facilities extended under a Loan Agreement dated 30.03.2019.

The default date is 30.03.2024, and the total financial debt due and payable as on 31.05.2025 is ₹41,99,56,525/-.

The Corporate Debtor had sought a loan facility for the acquisition and development of a real estate project.

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## Issues and analysis

### Issue 1: Whether the amount claimed by the Financial Creditor qualifies as a financial debt within the …

**Ratio:** The disbursement of monies coupled with the obligation to pay interest clearly reflects

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**Reasoning:** The financing documents establish a lender-borrower relationship. The Supreme Court in

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**Interpretation:** A transaction constitutes "financial debt" if it involves disbursal

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**Application:** The loan facility extended by SREI Equipment Finance Limited to FNM Property

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## Parties

- **Judges:** JYOTSNA S…; Anu Jagmoha…
- **Appellants:** SREI Equipment…
- **Respondents:** FNM Property…
- **Other parties:** Manish Ag…
- **Advocates:** Sanjeev…; Anshita…; +4 more

## Timeline

- **2015-03-30 — Corporate Debtor…**: FNM Property Services Private…
- **2019-03-13 — Sanction Lette…**: Financial Creditor sanctioned a financial facility of Rs. 82,00,00,000/- to the Corporate…

## 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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