Authority: National Company Law Tribunal (NCLT), Jaipur Bench
Order Date: June 15, 2026
Case Overview
Kotak Mahindra Bank Ltd. (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 against Ashiana Ispat Ltd. (Corporate Debtor) for a default amount of ₹9.44 crores. The date of default was stated to be December 10, 2024. The loan was disbursed on May 17, 2024, and was intended for the refinancing (BT) of a Yes Bank Cash Credit (CC) limit. The loan documentation referenced security held with Yes Bank, an 18-month pre-EMI period, and a 120-month repayment period.
The counsel for Kotak Mahindra Bank argued that the existence of debt and default made it a fit case for admission. However, the counsel also brought to the Tribunal's attention that the Hon'ble NCLT Delhi Bench had already disposed of three connected petitions (CP (IB) No. 197 (ND) 2025, CP (IB) No. 198 (ND) 2025, and CP (IB) No. 199 (ND) 2025) vide its order dated September 9, 2025. These petitions were preferred by the same Financial Creditor (Kotak Mahindra Bank) for the same defaulted amount.
After perusing the judgment from the NCLT Delhi Bench and all documents on record, the Jaipur Bench concluded it was unable to form an opinion different from that of its Delhi counterpart. The Delhi order had already considered similar submissions from the Financial Creditor, which were being raised again in the present case.
Final Outcome
The petition (CP No. (IB)-91/7/JPR/2025) was dismissed. The Bench found no reason to grant any indulgence or differ from the opinion already rendered by the NCLT Delhi Bench in the three related petitions.
Topics: Insolvency Proceedings, Banking Debt, Legal Precedent