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.

Real Estate

26 Jun 2026

Manglam Group to Develop Sheraton Hotel in Jaipur

Manglam Group has signed an agreement with Marriott International to develop a Sheraton hotel on the Jaipur–Ajmer Highway in Jaipur. The project will feature 220 keys and is being developed with an investment of around Rs 3.5 billion across more than 300,000 sq ft.The hotel marks Manglam Group’s third collaboration with Marriott International and forms part of its Rs 10 billion hospitality investment roadmap. The agreement was signed by Amrita Gupta, Director, Manglam Group and CEO, Manglam Spa and Resorts, and Rajeev Menon, President, Asia Pacific excluding Greater China, Marriott Interna..

India Warehousing Show 2026 opens at YashoBhoomi

India's warehousing, logistics, and supply chain ecosystem came together as the 15th edition of India Warehousing Show (IWS) 2026 opened at YashoBhoomi, India International Convention & Expo Centre (IICC), Dwarka, New Delhi on June 25 (Thursday). Organised by RX India, the three-day event will run from 25-27 June 2026, bringing together policymakers, industry leaders, technology providers, and supply chain professionals under one roof. It also features a two-day knowledge conference that will run alongside the exhibition. Inaugurated by Pankaj Kumar, Joint Secretary - Logistics, DPIIT..

Platinum Corp Launches Bespoke Presidential Suites

Platinum Corp has launched Platinum Stellar: Bespoke Presidential Suites, a luxury residential project on Main Avenue in Santacruz, Mumbai. The project has been positioned as a boutique, design-led development for high-net-worth individuals, business owners and legacy residents from the Bandra-Khar-Santacruz belt.The project has been developed in collaboration with celebrity interior designer Sussanne Khan and follows a design-first approach inspired by Art Deco architecture. It incorporates refined detailing, spacious layouts, premium material palettes and arrival experiences planned to creat..