# In the matter of Ganeshom Cereals Private Limited CP (IB) No.45-Chd-Hry-2018

> NCLT judgment dated 2018-12-19. Citation: TCN-2018-NCLT-00047. The case pertains to an insolvency petition filed by Allahabad Bank, the Financial Creditor,…

- **Court:** NCLT
- **Order date:** 19 Dec 2018
- **Citation:** TCN-2018-NCLT-00047
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ganeshom-cereals-private-limited-cp-ib-no45-chd-hry-2018-1572e3f1

## Summary

### Background

The case pertains to an insolvency petition filed by Allahabad Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Ganeshom Cereals Private Limited, the Corporate Debtor. The petition was filed to initiate the Corporate Insolvency Resolution Process (CIRP). The Resolution Process was admitted on 13.12.2018.

## Facts

Allahabad Bank, the Financial Creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Ganeshom Cereals Private Limited, the Corporate Debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was admitted on 13.12.2018. The court declared a moratorium under Section 14 of the Code, prohibiting the institution or continuation of suits against the Corporate Debtor, the transfer or disposal of its assets, and actions to recover security interests. Mr. Bhupesh Gupta was appointed as the Interim Resolution Professional (IRP). The IRP was directed to take control of the Corporate Debtor's assets, form a committee of creditors, and make a public announcement regarding the initiation of the CIRP. The

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court considered the petition filed by the Financial Creditor and the fact that the

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**Interpretation:** Section 7 provides a mechanism for financial creditors to recover their dues by

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**Application:** The court applied Section 7 to the facts of the case, where the Financial

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Allahabad…
- **Respondents:** M/s. Ganeshom…

## Timeline

- **2018-12-13 — Admission of Resolution…**: The Resolution Process…
- **2018-12-19 — Order Del…**: Order delivered declaring moratorium 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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