# In the matter of MAHARA PUSHYA AGRI PRODUCTS PRIVATE LIMITED

> NCLT judgment dated 2026-03-11. Citation: TCN-2026-NCLT-00217. The Hongkong and Shanghai Banking Corporation Limited filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 11 Mar 2026
- **Citation:** TCN-2026-NCLT-00217
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/mahara-pushya-agri-products-private-limited-f8cc490e

## Summary

### Background

The Hongkong and Shanghai Banking Corporation Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Mahara Pushya Agri Products Private Limited due to default in payment of a total outstanding amount of Rs. 10,37,21,071.12.

## Facts

The Hongkong and Shanghai Banking Corporation Limited filed a petition under Section 7 of the IBC, 2016.

Mahara Pushya Agri Products Private Limited defaulted on a payment of Rs. 10,37,21,071.12.

The date of default was stated as 16.06.2024, when the loan account was classified as NPA.

The Corporate Debtor availed credit facilities from the Financial Creditor, including Overdraft, Working Capital Demand Loan, Guarantee/Bonds facility and Loan against Property.

The Corporate Debtor executed various security documents in favor of the Financial Creditor, including a Facility Agreement, Deed of Hypothecation, and Deed of Lien.

The Corporate Debtor acknowledged its liability in a Settlement Agreement dated 15.09.2025.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

**Ratio:** The Corporate Debtor failed to repay the outstanding amount of Rs. 10,37,21,071.12 as on

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**Reasoning:** The Financial Creditor provided evidence of the debt, default, and classification of the

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**Interpretation:** The Adjudicating Authority interpreted the evidence as sufficient proof of

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**Application:** Section 7 of the IBC, 2016 was applied, which allows for the initiation of CIRP

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** The Hongkong and…
- **Respondents:** Mahara Pushya…; M/s. Mahara…
- **Other parties:** Anuja Sudhi…
- **Advocates:** Seeth…

## Timeline

- **16.06.2024 — Date of D…**: The loan account of the Corporate Debtor was…
- **15.09.2025 — Settlement Ag…**: The Corporate Debtor acknowledged its…

## 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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