State Bank of India Vs SU Toll Road Private Limited (NCLT Mumbai)
NCLT Mumbai held that Corporate Insolvency Resolution Process [CIRP] against Corporate Debtor [S U Toll Road Private Limited] under section 7 of the Insolvency and Bankruptcy Code admitted as Corporate Debtor defaulted in repayment of financial debt over the minimum threshold of Rs. 1Crore proved.
Facts- This is an application filed on 23.12.2024 by the Applicant- State Bank of India (Financial Creditor), against the Respondent- SU Toll Road Private Limited (Corporate Debtor), under Section 7 of the Insolvency & Bankruptcy Code 2016 r/w Rule 4(1) of the Insolvency & Bankruptcy (Application to Adjudicating Authority) Rules, seeking commencement of the Corporate Insolvency Resolution Process (CIRP) of the Corporate Debtor, appointment of Interim Resolution Professional (IRP) and declaration of moratorium. The amount claimed in default is INR 358,69,53,434.17/-.
Conclusion- The present petition is filed on 30.11.2024, which is within three years from the date of default i.e. 01.06.2023. Therefore, the present application is held to be within limitation period prescribed under Article 137 of the Schedule to the Limitation Act, 1963.
Held that the Corporate Debtor has defaulted in repayment of financial debt to the Applicant and such default is well over the minimum threshold of Rs. 1 crore, as prescribed u/s 4 of the Code. We are also satisfied that the application filed u/s 7 of the Code is complete and there is no disciplinary proceeding pending against the proposed resolution professional. Therefore, applying the law laid down by the Hon’ble Supreme Court in Innoventive Industries Ltd. v. ICICI Bank (supra), we are of the firm view that the instant application deserves to be admitted u/s 7(5)(a) of the Code.
