Archive · 19 Nov 2025
NCLT Initiates Insolvency Proceedings Against KTPL Over ₹330 Crore Default
A court has started a process to help a bank (Canara Bank) get back ₹330.40 crore that a company (KTPL) owes.
KTPL says the bank didn't give them the money on time, which caused their project to fail.
NCLT admits Canara Bank's insolvency petition against KTPL
CIRP initiated under IBC, 2016
Default amount confirmed above statutory threshold
Canara Bank reports ₹330.40 crore default
KTPL blames lenders for delayed disbursement
- Who
- Canara Bank, Karanja Terminal & Logistics Private Limited (KTPL)
- What
- Initiated Corporate Insolvency Resolution Process (CIRP)
- When
- November 19, 2024
- Where
- National Company Law Tribunal (NCLT)
- Why
- ₹330.40 crore loan default by KTPL
Canara Bank's Stance
KTPL's Stance
Reason for Default
Canara Bank's Stance
KTPL's failure to repay loan
KTPL's Stance
Lenders' delayed disbursement
- Default Amount
- ₹330.40 crore
- Petition Filed By
- Canara Bank
- Corporate Debtor
- Karanja Terminal & Logistics Private Limited (KTPL)
- Insolvency Professional Appointed
- Vijay Pitambar Lulla
- Code Under Which CIRP Initiated
- Insolvency and Bankruptcy Code (IBC), 2016