# In the matter of Camson Agri-Ventures Pvt. Ltd. C.P. (IB) No. 13-BB-2020

> NCLT judgment dated 2021-03-10. Citation: TCN-2021-NCLT-02748. The case involves a petition filed by Corporation Bank against M/s. Camson Agri-Ventures…

- **Court:** NCLT
- **Order date:** 10 Mar 2021
- **Citation:** TCN-2021-NCLT-02748
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/camson-agri-ventures-pvt-ltd-cp-ib-no-13-bb-2020-1a353a77

## Summary

### Background

The case involves a petition filed by Corporation Bank against M/s. Camson Agri-Ventures Private Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The bank claimed a default of Rs. 11,96,65,594/- including interest, stemming from a loan agreement where the bank had lent Rs. 12,00,00,000/-. The petitioner was unable to serve the notice to the corporate debtor despite multiple attempts and directions from the tribunal. The petitioner sought to revise the list of respondents/corporate debtors.

## Facts

Corporation Bank, a public sector bank, lent Rs. 12,00,00,000/- to M/s. Camson Agri-Ventures Private Limited, a company incorporated on 25.01.2013. The bank claimed a default of Rs. 11,96,65,594/- including interest. The default occurred across multiple accounts (CC140001, CC140002, CCK150002, CBCA510341000677921). Securities were furnished towards the loan, including DPN and Taken Delivery Letters, Deed of Hypothecation, Undertaking letters, and Guarantee Agreements. The bank approached the NCLT after being unable to recover the debt. The case was listed on multiple dates, but the petitioner was unable to serve notices to the corporate debtor. One Sri Gulshan Kumar Khanna, on whom a notice was affixed, submitted that he had resigned as a non-executive director and was

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## Issues and analysis

### Issue 1: Whether the petition filed by Corporation Bank under Section 7 of the IBC, 2016, for initiating …

**Ratio:** The principle is that proceedings under the IBC are time-bound and require proper service

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**Reasoning:** The Tribunal noted that despite multiple hearings and directions, the petitioner failed

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**Interpretation:** The interpretation is that the inability to serve notices to the corporate

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**Application:** In this case, the petitioner's failure to serve notices to the corporate

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** M/s. Corporation…
- **Respondents:** M/s. Camson…
- **Advocates:** Ankita…; Srinand…

## Timeline

- **2019-11-08 — Petition…**: C.P(IB)No.13/BB/2020 is filed by M/s. Corporation Bank under Section 7 of the I&B Code,…
- **2020-01-10 — Tribunal…**: The Tribunal ordered the notice to…

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