- Shweta Verma
April 03, 2026
IN THE MATTER OF: Aditya Birla Finance Limited Saket Infra Developers Pvt Ltd
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In this case before the National Company Law Tribunal, Aditya Birla Finance Limited filed an application under Insolvency and Bankruptcy Code, 2016 Section 7 to initiate CIRP against Saket Infra Developers Pvt Ltd for default of about ₹8.18 crore; the Corporate Debtor argued that the petition was barred under Section 10A (COVID period), involved forum shopping (parallel SARFAESI/arbitration proceedings), and disputed the debt, but the Tribunal held that the actual default occurred post-restructuring in 2023 (NPA on 13.11.2023) and therefore fell outside the Section 10A protection window, confirmed the existence of financial debt and default, rejected defenses like MSME protection and forum shopping (noting IBC’s overriding effect), and accordingly admitted the petition, initiated CIRP, imposed moratorium under Section 14, appointed an IRP, and dismissed the interlocutory application as infructuous.
https://ibbi.gov.in/uploads/order/ba7fc81b5fad1e6c22b79f8c6397dc53.pdf
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Shweta Verma
CS Trainee View Full Profile
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