# In the matter of Shree Shiddhanath Cotex Private Limited

> NCLT judgment dated 2026-01-21. Citation: TCN-2026-NCLT-00023. ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 21 Jan 2026
- **Citation:** TCN-2026-NCLT-00023
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/shree-shiddhanath-cotex-private-limited-98cdb23a

## Summary

### Background

ICICI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Shree Siddhanath Cotex Private Limited for initiation of Corporate Insolvency Resolution Process (CIRP) due to default in payment of financial debt.

## Facts

ICICI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Shree Siddhanath Cotex Private Limited.

The petition was filed on 10.12.2025.

The outstanding financial debt was Rs. 23,87,81,722.78 as on 04.12.2025 including interest.

The Corporate Debtor, Shree Siddhanath Cotex Private Limited, was incorporated on 25.03.2008.

The Financial Creditor sanctioned working capital facilities to the Corporate Debtor vide Credit Arrangement Letter dated 25.11.2022 for Rs. 14,00,00,000 and further facilities dated 04.02.2023 for Rs. 13,00,00,000, renewed on 29.12.2023 for total Rs. 27,00,00,000.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 is complete and …

**Ratio:** The Adjudicating Authority is satisfied that the application is complete, the debt is

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**Reasoning:** The Authority examined the application, supporting documents, and the averments made by

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**Interpretation:** The application meets all the necessary requirements for admission under

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**Application:** The application is admitted, and CIRP is

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## Parties

- **Judges:** SH. SHAMM…; SH. SANJEEV…
- **Appellants:** ICICI Bank…
- **Respondents:** Shree Siddhanath…
- **Other parties:** Mavent Restructuri…
- **Advocates:** Hem B…

## Timeline

- **2025-12-10 — Filing of P…**: The Company Petition is…
- **2026-01-21 — Order Del…**: Order delivered admitting the…

## 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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