Insolvency plea permitted against Supreme Infrastructure BOT

27 May 2024 CW Team

After Supreme Infrastructure BOT failed to make loan repayments, SREI Infrastructure Finance filed a petition with the National Company Law Tribunal (NCLT) to start a corporate insolvency resolution procedure (CIRP) against the company. The petition was accepted. Supreme Infrastructure BOT was the recipient of a Rs 1.50 billion five-year term loan from SREI Infrastructure Finance. The loan was meant to be used for initiatives related to infrastructure. A number of security documents were then signed by the parties involved. But in August 2018, the borrower's noncompliance with loan repayments forced the financial creditor to return the loan.

In their representation of SREI Infrastructure, attorneys Rohit Gupta and Ativ Patel of AVP Partners contended that Supreme Infrastructure India Ltd. (SIIL), not the borrower, was the intended beneficiary of the intercreditor agreement (ICA) from June 2019. Furthermore, the ICA was only good for 180 days, yet throughout that time, no agreement was made.

According to the requirements of the Insolvency and Bankruptcy Code, the borrower had argued that the financial creditor is going through an insolvency procedure of its own. As a result, the lender's account has been deemed fake, and as a result, it is no longer permitted to pursue the bankruptcy claim against Supreme Infrastructure BOT.

The tribunal made it clear that even while they were subject to CIRP, the financial creditor was still able to file and prosecute claims against the corporate debtor.

Further, it rejected the corporate debtor's plea that the existence of an arbitration clause in the loan agreement should bar the financial creditor from approaching the tribunal, citing the Supreme Court's precedent in an earlier matter.

Infrastructure Urban

10 Mar 2026

ABB to Invest Rs 6.25 Billion to Expand India Manufacturing

ABB recently announced plans to invest approximately Rs 6.25 billion ($75 million) in India during 2026 to expand its manufacturing footprint and research and development capabilities. The investment follows more than $35 million spent in 2025 and reflects the company’s continued focus on strengthening its ‘local-for-local’ strategy in the country.The investment will support ABB’s Electrification, Motion and Automation businesses and expand manufacturing capacity for infrastructure sectors such as renewable energy, metro rail, data centres and industrial applications. Approximately 300..

Six WOLFF Cranes Handle 60,000 m³ Concrete for German Hospital

Six WOLFF tower cranes are playing a key role in constructing a new hospital complex in Memmingen, Germany, supporting large-scale material handling for the project. The facility is being built on a 7.7-hectare site and will feature six floors, around 480 beds and a gross floor area exceeding 75,000 sq m.Building shell works began recently in February 2025. One WOLFF 6531.12 Cross crane supported early site preparation before being dismantled in autumn 2025, while five remaining cranes continue operations. Over an average deployment period of 16 months, the cranes are expected to move approxim..

REC Funds Rs 115.6 Million CSR Support for Bihar Eye Hospital

REC recently committed Rs 115.6 million under its Corporate Social Responsibility (CSR) programme for the procurement of clinical and non-clinical equipment at Sankara Eye Hospital in Saharsa, Bihar. The initiative aims to strengthen healthcare infrastructure and improve access to specialised eye care services in the region.A Memorandum of Agreement (MoA) was recently signed between Pradeep Fellows, Executive Director (CSR), REC Limited, and Wg Cdr V. Shankar (Retd), Trustee and Executive Director of Sankara Eye Hospital, at the REC office in the SCOPE Complex, New Delhi.The support is expecte..