NCLT Admits Infutec Healthcare to CIRP on SBI’s ₹85.14 Crore Default Claim; Claims Due September 18

The National Company Law Tribunal's Mumbai Bench-VI has admitted Infutec Healthcare Limited to the corporate insolvency resolution process on a Section 7 application filed by State Bank of India. The order was pronounced on September 4, 2026 in C.P. (IB)/1090/MB/2025. SBI's application stated an aggregate default claim of ₹85,13,89,351.55 as on August 26, 2025, but the Tribunal expressly said that the amount has not been crystallised at the admission stage and must be collated by the interim resolution professional.

Why the September 4 order matters

The case is useful beyond the immediate insolvency because the Bench dealt directly with a recurring Section 10A question: what happens when an account was classified as non-performing during the COVID-era protected period but the parties later restructure the debt and a fresh default occurs after that protected period. The Tribunal accepted SBI's case that the Section 7 petition was founded on a later, independent default under the restructured arrangement rather than merely on the earlier NPA event.

According to the order, Infutec's account had earlier been treated as an NPA with effect from September 24, 2020. The company proposed restructuring on April 26, 2021, and SBI approved the restructuring plan on May 27, 2021. The repayment obligations were therefore recast. SBI subsequently gave further opportunity for compliance, but the revised schedule was not honoured.

SBI eventually issued a demand notice dated October 17, 2022 terminating the restructuring arrangement and calling for payment within seven days. The date of default recorded in Part IV of Form 1 was October 25, 2022. The Bench treated that post-restructuring default as the actionable default for the insolvency petition.

Section 10A did not bar the petition

Section 10A of the Insolvency and Bankruptcy Code prevents initiation of CIRP for a default occurring during the protected COVID period. That made the earlier September 2020 NPA date important. However, the Mumbai Bench held that the petition did not rest solely on continuation of that earlier default. It relied on the subsequent restructuring, the recast repayment obligations and the later failure to comply with those obligations.

The Bench referred to the NCLAT decision in Pradeep Madhukar More v. Central Bank of India, where a default under a later restructuring arrangement was capable of forming an independent basis for a Section 7 proceeding. Applying that principle, the Tribunal held that Infutec's pleaded October 25, 2022 default fell outside the Section 10A protected period and could support SBI's application.

Petition was also within limitation

SBI filed the Section 7 petition on September 1, 2025. The Tribunal compared that filing date with the actionable default date of October 25, 2022 and held that the application was within three years. The order also records acknowledgements and balance confirmations, but the Bench said it did not need to rely on them for limitation because the petition was already within time when measured from the later default.

The proceedings also show the importance of service and participation. The order records repeated listings, substituted service through newspaper publication and the absence of any appearance or reply from the corporate debtor. The right to file a reply was ultimately closed. At the same time, the Bench clarified that its satisfaction on debt and default was based on the documentary record and did not rest merely on the absence of a response.

CIRP admitted and moratorium begins

Having found a financial debt, a default above the statutory threshold and a complete application within limitation, the NCLT admitted Infutec Healthcare Limited to CIRP. A moratorium under Section 14 now applies. Among other consequences, the order restrains institution or continuation of proceedings against the corporate debtor, transfer or disposal of its assets and enforcement of security interests during the moratorium, subject to the Code.

The Bench appointed Purusottam Behera as the interim resolution professional. Management of the corporate debtor is to vest in the IRP or resolution professional during the CIRP, and the company's officers and managers have been directed to assist the insolvency professional. The order also requires monthly progress reports to the Tribunal.

SBI has been directed to deposit ₹3 lakh with the IRP for initial CIRP expenses connected with the public notice and invitation of claims. The order states that the amount is to be treated as interim finance and repaid on priority when funds become available, subject to the Committee of Creditors' approval of expenses incurred from that amount.

Creditors have a September 18 claims deadline

IBBI's public-announcement register shows that the CIRP public announcement for Infutec Healthcare Limited was made on September 7, 2026. It identifies State Bank of India as the applicant, Purusottam Behera as the insolvency professional and September 18, 2026 as the last date for submission of claims.

For creditors, finance teams and advisers dealing with Infutec, that September 18 deadline is the immediate operational point. Claims should be prepared and submitted in the form and manner prescribed under the insolvency framework, with supporting records reconciled before filing.

Practical takeaway for insolvency and finance professionals

The case illustrates two separate issues that should not be conflated. First, SBI's ₹85.14 crore figure is a claimed default amount, not a finally admitted claim; the NCLT expressly left crystallisation and collation to the IRP. Second, an earlier NPA date falling within Section 10A does not automatically dispose of every later Section 7 application where the parties subsequently restructure the debt and a distinct post-protected-period default is established. For stakeholders in this CIRP, the immediate task is to work from the official IBBI announcement and meet the September 18 claims deadline.

Official source: View the official source document

Key takeaway

NCLT Mumbai has admitted Infutec Healthcare Limited to CIRP on SBI’s Section 7 plea. The Bench treated the October 2022 post-restructuring default as outside Section 10A, while IBBI has fixed September 18 for submission of claims.