Singh claimed that Yes Bank transferred SLDPL’s loan to Suraksha ARC through a questionable arrangement. According to him, Yes Bank indirectly financed Suraksha’s purchase of the stressed loan via a related entity. He argued this amounted to round-tripping and evergreening, practices barred by Reserve Bank of India (RBI) guidelines.

The petition also alleged that Yes Bank wrongly labeled SLDPL’s account as stressed despite regular repayments. Singh said this false classification created an artificial default, which allowed Suraksha ARC to push insolvency proceedings. He further accused Resolution Professional Snehal Kamdar of denying him access to records and excluding him from Committee of Creditors (CoC) meetings.

Through the plea, Singh asked the tribunal to annul the insolvency case. He requested Suraksha ARC be declared ineligible as a financial creditor, the CoC dissolved, and SLDPL’s management restored to its board. The petition also included the RBI as a party and sought a stay on all insolvency activities until the dispute is resolved.

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