# In the matter of BHAGWATI RICE MILL PRIVATE LIMITED

> NCLT judgment dated 2025-12-06. Citation: TCN-2025-NCLT-01769. Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 6 Dec 2025
- **Citation:** TCN-2025-NCLT-01769
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/bhagwati-rice-mill-private-limited-8d6d39b4

## Summary

### Background

Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhagwati Rice Mills Private Limited, alleging default in payment of financial debt.

## Facts

Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Bhagwati Rice Mills Private Limited.

The Corporate Debtor defaulted in payment of a total outstanding debt amount of Rs. 74,35,42,374/- as on 30.11.2024.

The account of the Corporate Debtor was classified as NPA on 08.06.2023.

The Financial Creditor issued recall/legal notices dated 04.01.2024 to the Corporate Debtor and notice dated 16.01.2024 to the personal guarantors.

The Corporate Debtor filed a counter affidavit, raising objections regarding the date of default, authority of the applicant, and alleged irregularities in the account.

The Financial Creditor proposed the name of Ms. Babita Jain as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application is filed …

**Ratio:** The limitation is computed from the pleaded and proved date of default, not from the date

…

**Reasoning:** The Tribunal found that the earliest alleged default date 08.06.2023 is well within

…

**Interpretation:** The application was filed within

…

**Application:** The Tribunal held that the

…

## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Punjab National…
- **Respondents:** Bhagwati Rice…
- **Other parties:** Babita…
- **Advocates:** Prakhar S…; Amit D…

## Timeline

- **08.06.2023 — Date of D…**: The account of the Corporate…
- **04.01.2024 — Recall N…**: The Financial Creditor issued a…

## 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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