Earlier Premature Petition Does Not Bar Fresh Insolvency Filing: NCLT Amaravati

SREI Equipment Finance Limited Vs Vijay Mining & Infra Corp Private Limited (NCLT Amaravati)

Summary: The NCLT, Amaravati Bench admitted SREI Equipment Finance Limited’s Section 7 petition against Vijay Mining & Infra Corp Private Limited and commenced corporate insolvency resolution proceedings. SREI stated that the corporate debtor had defaulted on Rs.1,26,86,69,150 as at 14.10.2025, after facilities restructured under agreements dated 15.05.2019 and a terms of settlement dated 30.11.2020 were not repaid. The settlement provided for payment of Rs.55 crore by 31.10.2022; the petition identified 01.11.2022 as the date of default. An earlier Section 7 petition had been dismissed as premature because the debt had not then become due and payable. The creditor’s new petition underwent registry objections over bank statements and the earlier proceedings. Following a partly allowed Rule 63 appeal, the registry numbered the petition in February 2026.

The corporate debtor disputed the disbursement evidence, asserted repayments and challenged the creditor’s reliance on its records. It also raised objections concerning the earlier litigation and documents. The creditor relied on the loan agreements, settlement, account material, financial statements, CIBIL and NeSL records. In addressing limitation, the Tribunal considered the settlement timetable, the 31.10.2025 filing and acknowledgment in the corporate debtor’s financial statements. It concluded that the petition was within limitation. On the evidence before it, the Tribunal found a financial debt and default exceeding the statutory Rs.1 crore threshold. It found the petition complete and verified the proposed interim resolution professional’s current authorisation.