# Bank of Maharashtra vs. Comet Granito Private Limited

> NCLT judgment dated 2026-07-29. Citation: TCN-2026-NCLT-00732. Bank of Maharashtra (Financial Creditor) filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 29 Jul 2026
- **Citation:** TCN-2026-NCLT-00732
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/bank-of-maharashtra-vs-comet-granito-private-limited-2g2jj

## Summary

### Background

Bank of Maharashtra (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Comet Granito Private Limited (Corporate Debtor) seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was based on an outstanding debt arising from a Bill Discounting/TReDS Financing Facility sanctioned by the Financial Creditor to the Corporate Debtor.

## Facts

Bank of Maharashtra (Financial Creditor) filed a petition under Section 7 of the IBC, 2016, against Comet Granito Private Limited (Corporate Debtor).

The Financial Creditor is constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970, and provides banking services.

The Corporate Debtor is incorporated under the Companies Act, 1956, and manufactures non-structural, non-refractory ceramic ware.

The total outstanding debt claimed by the Financial Creditor is Rs.4,52,67,984/-, including principal, interest, and penal interest as of 29.09.2025.

The Financial Creditor sanctioned a Bill Discounting/TReDS Financing Facility of Rs.5,00,00,000/- to the Corporate Debtor via a Sanction Letter dated 28.06.2024.

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, by Bank of …

**Ratio:** A Section 7 petition for Corporate Insolvency Resolution Process (CIRP) must be admitted

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**Reasoning:** The NCLT found that the financial debt and default were established through the TReDS

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**Interpretation:** Section 7 of the IBC empowers the Adjudicating Authority to admit a petition if

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**Application:** The NCLT applied Section 7(5) of the IBC, allowing the petition and initiating

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Comet Granito…
- **Other parties:** Committee of…; Anil Kashi…
- **Advocates:** Nitesh Ag…; Natasha Dhruman…

## Timeline

- **2014-12-03 — RBI Guideline…**: Reserve Bank of India issued…
- **2024-05-06 — Master Agreement…**: Corporate Debtor executed a Master Agreement with Receivables Exchange of India Limited…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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