# In the matter of WORLDS WINDOW WARDHA INFRASTRUCTURE PRIVATE LIMITED

> NCLT judgment dated 2025-11-17. Citation: TCN-2025-NCLT-01668. SREI Equipment Finance Limited filed an application under Section 7 of the IBC against Worlds…

- **Court:** NCLT
- **Order date:** 17 Nov 2025
- **Citation:** TCN-2025-NCLT-01668
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/worlds-window-wardha-infrastructure-private-limited-8451110b

## Summary

### Background

SREI Equipment Finance Limited filed an application under Section 7 of the IBC against Worlds Window Wardha Infrastructure Private Limited, seeking initiation of CIRP due to default in repayment of financial debt amounting to ₹9,97,27,223.

## Facts

A Common Loan Agreement was executed between SREI Equipment Finance Limited (FC) and Worlds Window Wardha Infrastructure Private Limited (CD) on 30.12.2019, for a term loan facility of ₹20 crores.

The first disbursement of ₹5 crores was made to the CD on 02.01.2020.

The CD executed a deed of hypothecation on 30.12.2019 in favor of the FC, creating a charge over its movable and immovable assets.

A deed of personal guarantee was executed by Mr. Piyoosh Goyal, a promoter of the CD, and the charge was registered with the RoC on 24.06.2020.

The principal amount was payable in bullet instalment at the end of four years from the initial disbursement date, and interest was compounded monthly and payable quarterly.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** The application is not

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**Reasoning:** The Corporate Debtor defaulted from the very first quarter-end from the date of initial

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**Interpretation:** The Adjudicating Authority interpreted the facts to mean that the default was

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**Application:** The Adjudicating Authority applied the principle of continuous default to

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## Parties

- **Judges:** Sh. Ashok Kumar…; Reena Sinh…
- **Appellants:** SREI Equipment…
- **Respondents:** Worlds Window…
- **Other parties:** Manish Ag…; Piyoosh…
- **Advocates:** Arijit Ma…; Shambo…; +3 more

## Timeline

- **30.12.2019 — Loan Agre…**: Common Loan Agreement…
- **02.01.2020 — Disburse…**: First disbursement of ₹5…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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