# In the matter of BHAGWATI RICE MILL PRIVATE LIMITED

> NCLT judgment dated 2025-12-06. Citation: TCN-2025-NCLT-01792. 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-01792
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/bhagwati-rice-mill-private-limited-8f8d5640

## 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 (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 against Bhagwati Rice Mills Private Limited.

The application was filed on 15.01.2025.

The Financial Creditor claimed a total financial debt of Rs. 74,35,42,374/- with the date of default being 08.06.2023.

The Corporate Debtor committed default in the payment of Rs. 74,35,42,374/- as on 30.11.2024, along with future interest and charges w.e.f. 01.12.2024.

The Corporate Debtor availed various credit facilities since inception and approached the Financial Creditor for enhancement of limits.

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

…

## 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

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**Reasoning:** The Tribunal examined the record and found that the earliest alleged default date of

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**Interpretation:** The date of NPA cannot be equated to the date of default, but in the present

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**Application:** The application was filed on 15.01.2025, and the date of default was

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## Parties

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

## Timeline

- **2025-01-15 — Application…**: Punjab National Bank filed an application under Section 7 of the IBC against Bhagwati…
- **2023-06-08 — Date of D…**: The Financial Creditor claimed 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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