# 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-02750. The case CP(IB) No.13/BB/2020 was filed on 2019-11-08 by Corporation Bank, the Financial…

- **Court:** NCLT
- **Order date:** 10 Mar 2021
- **Citation:** TCN-2021-NCLT-02750
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/camson-agri-ventures-pvt-ltd-cp-ib-no-13-bb-2020-f4215b7d

## Summary

### Background

The case CP(IB) No.13/BB/2020 was filed on 2019-11-08 by Corporation Bank, the Financial Creditor, under Section 7 of the I&B Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Camson Agri-Ventures Private Limited, the Corporate Debtor. The petitioner was unable to trace out the Corporate Debtor and serve notices upon him. The notice was ordered by the Tribunal on 2020-01-10, but the Petitioner failed to serve the notice on the Respondent(s).

## Facts

Corporation Bank, a public sector bank, filed CP(IB) No.13/BB/2020 under Section 7 of the I&B Code, 2016, against Camson Agri-Ventures Private Limited, seeking to initiate CIRP. The Corporate Debtor allegedly defaulted on loan repayments amounting to Rs. 11,96,65,594/-. The bank had extended a loan of Rs. 12,00,00,000/- to the Corporate Debtor. The default occurred on various loan accounts. Securities were furnished towards the loan. The Petitioner was unable to serve notices to the Corporate Debtor. A former non-executive director of the Corporate Debtor, Gulshan Kumar Khanna, submitted that he had resigned before the loan was taken and was unaware of the notice. The Petitioner intended to revise the list of Respondents.

## Issues and analysis

### Issue 1: Whether the Petitioner, Corporation Bank, could successfully initiate CIRP against the Corporate …

**Ratio:** The ratio is based on the principles of natural justice and the procedural requirements

…

**Reasoning:** The court reasoned that the inability to serve notices to the Corporate Debtor and other

…

**Interpretation:** The interpretation is that the procedural requirements of the IBC, 2016, must

…

**Application:** In this case, the Petitioner's inability to serve notices and the uncertainty

…

## Parties

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

## Timeline

- **2019-11-08 — Filing of CP(IB)…**: Corporation Bank filed CP(IB) No.13/BB/2020…
- **2020-01-10 — Tribunal Order for…**: The Tribunal ordered the issuance of…

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/camson-agri-ventures-pvt-ltd-cp-ib-no-13-bb-2020-f4215b7d