# In the matter of Goel Agrigreen Fields Pvt. Ltd. C.P. (IB) No. 209-7-NCLT-AHM-2018

> NCLT judgment dated 2019-07-26. Citation: TCN-2019-NCLT-02271. The case involves an I.B. Petition preferred by the Financial-Creditor, Punjab National Bank,…

- **Court:** NCLT
- **Order date:** 26 Jul 2019
- **Citation:** TCN-2019-NCLT-02271
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/goel-agrigreen-fields-pvt-ltd-cp-ib-no-209-7-nclt-ahm-2018-01ad7e7a

## Summary

### Background

The case involves an I.B. Petition preferred by the Financial-Creditor, Punjab National Bank, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate-Insolvency-Resolution-Process (CIRP) in respect of the Corporate-Debtor-Company, Goel Agrigreen Fields Pvt. Ltd. The petition was filed due to the corporate debtor's default on its debt obligations to the bank.

## Facts

Punjab National Bank filed an I.B. Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Goel Agrigreen Fields Pvt. Ltd. The bank sought initiation of the Corporate-Insolvency-Resolution-Process (CIRP) due to the corporate debtor's default. Goel Agrigreen Fields Pvt. Ltd. was incorporated on 13.09.2006 with the CIN: U15400MP2006PTC018959 to establish a grain-based distillery and bottling plant. The nominal share capital of the Corporate-Debtor-Company is Rs.21,50,00,000/- and the paid-up share capital is Rs.21,38,33,390/-. The Creditor Bank classified the account of the Respondent Company as "Non Performing Account (NPA)" on 31.03.2016. The Applicant Bank issued a notice under Section 13(2) of the SARFAESI Act on 15.07.2016, demanding

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## Issues and analysis

### Issue 1: Whether the present I.B. Petition has been filed by duly authorised signatory of the Petitioner …

**Ratio:** The legal principle is that an I.B. Petition must be filed by a duly authorized signatory

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**Reasoning:** The court reasoned that the present I.B. Petition was filed by a duly authorized

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**Interpretation:** This issue involves the interpretation of the procedural requirements for

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**Application:** The court applied the principle to the facts of the case, finding that the

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Punjab National…
- **Respondents:** Goel Agrigreen…

## Timeline

- **2006-09-13 — Incorporation of…**: Goel Agrigreen Fields Pvt. Ltd. was incorporated with CIN: U15400MP2006PTC018959 to…
- **2016-03-31 — NPA Classif…**: Creditor Bank classified the account of the Respondent Company as "Non Performing Account…

## 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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