# In the matter of Roma Shipping Private Limited C.P.(IB) 1781-(MB)-2019

> NCLT judgment dated 2019-11-07. Citation: TCN-2019-NCLT-00679. The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 7 Nov 2019
- **Citation:** TCN-2019-NCLT-00679
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/roma-shipping-private-limited-cpib-1781-mb-2019-95096e48

## Summary

### Background

The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code, 2016. The hearing was conducted by the Mumbai bench of the National Company Law Tribunal on November 7, 2019. The parties involved are United Bank of India as the applicant and Roma Shipping Private Limited as the respondent.

## Facts

United Bank of India filed a company petition against Roma Shipping Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The hearing took place on November 7, 2019, before the Mumbai bench of the National Company Law Tribunal. The court admitted the petition and appointed Mr. Bharat Ramakant Upadhyay as the Interim Resolution Professional (IRP). The IRP's registration number is IBBI/IPA-002/IP-N00120/2017-2018/10289. A detailed judgment will be issued later.

## Issues and analysis

### Issue 1: Whether the application filed by United Bank of India 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, after hearing the arguments of the counsel for the petitioner, was satisfied

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

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**Application:** In this case, the court applied the provisions of Section 7 to the facts

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## Parties

- **Judges:** Bhaskara Pantula…; RAJESH S…
- **Appellants:** United Bank of…
- **Respondents:** Roma Shipping…

## Timeline

- **2019-11-07 — Hearing…**: Hearing of the Mumbai Bench of the…
- **2019-11-07 — Petition Ad…**: Company Petition filed by United Bank of India against Roma Shipping Private Limited is…

## 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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