# In the matter of Shree Bankey Behari Exports Limited CP (IB) - 542(PB)-2022

> NCLT judgment dated 13 Dec 2022. Citation: TCN-2022-NCLT-00169. The State Bank of India, acting as the Financial Creditor, filed an application under Section…

- **Court:** NCLT
- **Order date:** 13 Dec 2022
- **Citation:** TCN-2022-NCLT-00169
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/shree-bankey-behari-exports-limited-cp-ib-542pb-2022-e7f8ffe9

## Summary

### Background

The State Bank of India, acting as the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shree Bankey Behari Exports Limited, the Corporate Debtor. The Financial Creditor alleged that the Corporate Debtor had defaulted on a payment of Rs. 754,94,95,045. The application sought the declaration of a moratorium and the appointment of an Interim Resolution Professional (IRP).

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## Facts

The State Bank of India, as the Financial Creditor, filed an application on June 7, 2022, under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016) read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Shree Bankey Behari Exports Limited, the Corporate Debtor. The Financial Creditor alleged a default of Rs. 754,94,95,045.

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## Issues and analysis

### Issue 1: Whether the application filed by the State Bank of India under Section 7 of the IBC, 2016, for…

**Ratio:** An application under Section 7 of the IBC, 2016, is admissible if it is complete in all…

**Reasoning:** The court reasoned that the application was complete in all respects as required by law,…

**Interpretation:** The court interpreted Section 7 of the IBC, 2016, and Rule 4 of the…

**Application:** Given that the Financial Creditor had submitted comprehensive documentation,…

## Parties

- **Judges:** Chief Justice…; Sh. Avinash Kumar…
- **Advocates:** For the Financial…; Raveena R…; +1 more

## Timeline

- **July 7, 1994 — Incorporation of…**: Shree Bankey Behari Exports Limited was incorporated as a Company Limited by Share under…
- **April 1, 2017 — Merger of…**: Associate banks, including State Bank of Bikaner and Jaipur, State Bank of Hyderabad,…

## 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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