NCLT Kolkata admits Samsara Energy into insolvency on SREI Equipment Finance plea

The Kolkata bench of the National Company Law Tribunal (NCLT) on 16 October 2026 admitted Samsara Energy Limited into the corporate insolvency resolution process. The tribunal acted on an application by SREI Equipment Finance Limited, which claimed Rs 25,75,97,096 was due as on 15 May 2024 on a loan.

What Happened

According to the order, SREI Equipment Finance, a non-banking finance company acting through its administrator appointed by the Reserve Bank of India, sanctioned a loan of Rs 50 crore to the company in December 2018 and disbursed Rs 39 crore. The lender said the company failed to pay interest when due and recalled the loan by a letter dated 24 May 2024. A record filed with an information utility showed an overdue interest amount of Rs 6,09,91,577.

The company argued that the loan carried a nine-year moratorium, so repayment would start only in January 2028 and no default had occurred. It also pointed to an arbitration clause and its request to restructure the loan as a small enterprise. The tribunal held that the moratorium did not cover interest, and that non-payment of interest on the due date was a default under the loan agreement.

The order notes that the lender's administrator has a separate application pending against the company under Section 66 of the Insolvency and Bankruptcy Code concerning the loan transactions. The tribunal held that this did not stop it from admitting the case.

The NCLT appointed an interim resolution professional, directed a public announcement within three days, and declared a moratorium under Section 14. The moratorium bars suits, recovery actions, enforcement of security interests and the sale of the company's assets while the process runs.

What It Means

Admission into insolvency is not a finding of fraud or mismanagement. It starts a time-bound process in which the company's management passes to the interim resolution professional and creditors try to resolve its debts.

Lenders, suppliers and others owed money by Samsara Energy should watch for the interim resolution professional's public announcement, which will set out how and by when to file claims. The NCLT's order may be appealed to the National Company Law Appellate Tribunal (NCLAT).

Source: NCLT order