# Phoenix ARC Pvt. Ltd. vs. Shivangi Agro India Private Limited

> NCLT judgment dated 2026-07-21. Citation: TCN-2026-NCLT-00640. ICICI Bank Ltd. originally filed an application under Section 7 of the Insolvency & Bankruptcy…

- **Court:** NCLT
- **Order date:** 21 Jul 2026
- **Citation:** TCN-2026-NCLT-00640
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/phoenix-arc-pvt-ltd-vs-shivangi-agro-india-private-limited-60f3g

## Summary

### Background

ICICI Bank Ltd. originally filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016, against M/s Shivangi Agro India Private Limited (Corporate Debtor) for a default of Rs. 26,82,49,225.22/- on a cash credit facility. The date of default was 01.11.2023. Subsequently, the debt was assigned to Phoenix ARC Pvt. Ltd., which was substituted as the Financial Creditor. The Corporate Debtor failed to appear or file a reply despite multiple opportunities, leading to ex-parte proceedings.

## Facts

The original application was filed by ICICI Bank Ltd. on 29.06.2024 under Section 7 of the IBC against M/s Shivangi Agro India Private Limited.

The total amount of default was Rs. 26,82,49,225.22/- as of 02.06.2024, with the date of default being 01.11.2023.

M/s Shivangi Agro India Private Limited availed a cash credit facility of Rs. 25 crores from ICICI Bank Ltd. via a credit arrangement letter dated 08.07.2021 and a facility agreement dated 09.07.2021.

The credit facilities were initially for 12 months and extended till 18.06.2023 via a Renewal Credit Arrangement Letter dated 27.01.2023.

The Corporate Debtor failed to repay outstanding amounts, leading to its account being classified as a Non-Performing Asset (NPA) on 20.11.2023.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC, 2016, for initiating CIRP against the Corporate …

**Ratio:** An application under Section 7 of the IBC must be admitted if the Adjudicating Authority

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**Reasoning:** The Tribunal found that the Financial Creditor (Phoenix ARC Pvt. Ltd.) successfully

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**Interpretation:** Section 7(5) of the IBC mandates the Adjudicating Authority to admit an

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**Application:** Based on the established debt, default, completeness of the application, and

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## Parties

- **Judges:** Sh. Praveen Gupta…; Sh. Ashish Verma…
- **Appellants:** Phoenix ARC Pvt.…; ICICI Ban…
- **Respondents:** Shivangi Agro…
- **Other parties:** Anil K…; Manoj S…; +1 more
- **Advocates:** Sh. Sanjeev Kumar…; Ld. Counsel for…

## Timeline

- **2021-07-08 — Cash Credit Facility…**: ICICI Bank Ltd. extended a cash credit facility of Rs. 25 crores to the Corporate Debtor…
- **2021-07-09 — Facility Agreement…**: The Corporate Debtor signed and executed a facility agreement containing terms and…

## 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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