# In the matter of Shaveta Golden Foods Private Limited

> NCLT judgment dated 2018-09-13. Citation: TCN-2018-NCLT-00764. The case involves an application filed by M/s Shaveta Golden Foods Private Limited (SGFPL), the…

- **Court:** NCLT
- **Order date:** 13 Sept 2018
- **Citation:** TCN-2018-NCLT-00764
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shaveta-golden-foods-private-limited-90eeab8b

## Summary

### Background

The case involves an application filed by M/s Shaveta Golden Foods Private Limited (SGFPL), the Corporate Applicant, under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant was incorporated on 11.11.2013 and is engaged in the business of food processing. The application was filed due to financial difficulties, including adverse climatic conditions, natural calamities, and the impact of demonetization, which affected the business. The State Bank of India is the sole financial creditor. The application was initially found to have several defects, including incomplete information about operational creditors and missing documents. The Corporate Applicant addressed these defects

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## Facts

M/s Shaveta Golden Foods Private Limited (SGFPL), the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). SGFPL was incorporated on 11.11.2013 and is involved in food processing. The company faced financial difficulties due to adverse climatic conditions, natural calamities, and demonetization. State Bank of India (SBI) is the sole financial creditor, having extended various financial facilities to SGFPL. The authorized share capital of the Corporate Applicant is ₹10,00,00,000, with an issued, subscribed, and paid-up capital of ₹200,00,000. The application was initially found to be defective, lacking complete information about operational creditors and

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Applicant under Section 10 of the Insolvency and …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, allows a corporate applicant to

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**Reasoning:** The Adjudicating Authority initially identified several defects in the application,

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**Interpretation:** The completeness of the application is crucial for the Adjudicating Authority

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**Application:** The Corporate Applicant filed affidavits and amended forms to address the

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** M/s Shaveta…
- **Respondents:** Shaveta Golden…
- **Advocates:** Ashok M…; Nitin Kant…; +2 more

## Timeline

- **2013-11-11 — Incorporation of…**: M/s Shaveta Golden Foods…
- **2018-04-07 — Special Res…**: Special resolution passed in the Extra Ordinary General Meeting of shareholders to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(5) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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