# Yes Bank vs. KKSPUN India Limited

> NCLT judgment dated 2025-07-11. Citation: TCN-2025-NCLT-00773. Yes Bank, as the applicant and financial creditor, filed a Company Petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 11 Jul 2025
- **Citation:** TCN-2025-NCLT-00773
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/yes-bank-vs-kkspun-india-limited-cc2856fe

## Summary

### Background

Yes Bank, as the applicant and financial creditor, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s KKSPUN INDIA LIMITED, the respondent and corporate debtor, due to default in repayment of financial debt.

## Facts

- Yes Bank filed a Company Petition under Section 7 of the IBC to initiate CIRP against KKSPUN INDIA LIMITED. The application was filed due to default in repayment of a financial debt amounting to Rs. 60,94,00,000/-. KKSPUN INDIA LIMITED is a corporate debtor incorporated on 09.01.2006.

- Corporate Debtor had approached the Financial Creditor for credit facilities including a Cash Credit Facility and a Bank Guarantee Facility. The Applicant submitted that the YBL Credit Facility formed part of a broader consortium lending arrangement.

- The Corporate Debtor's loan account was classified as a Non-Performing Asset (NPA) by the Financial Creditor with effect from 05.08.2022. The Financial Creditor issued a Loan Recall Notice to the Corporate Debtor on 07.03.2023.

…

## Issues and analysis

### Issue 1: Whether the application …

**Ratio:** The time period for filing an application under Section 7 of the IBC is governed by

…

**Reasoning:** The Adjudicating Authority considered the judgments of the Hon'ble Supreme Court in Dena

…

**Interpretation:** The 'date of default' cannot be strictly construed as the date of NPA. The

…

**Application:** The Adjudicating Authority concluded that the application was not barred by

…

## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Appellants:** Yes B…
- **Respondents:** M/s KKSPUN INDIA…
- **Other parties:** Harvinder…
- **Advocates:** Raghav K…; Kartik Ma…; +1 more

## Timeline

- **2016 — Facility…**: Facility Letter bearing reference No. YBL/DEL/FL/0652/2016-2017 dated 30.08.2016, as…
- **2017-03-10 — Pledge Confi…**: State Bank of India, confirmed that a pledge over 36,12,264 equity shares, constituting…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/yes-bank-vs-kkspun-india-limited-cc2856fe