# In the matter of Tasgaonkar Blossom Private Limited CP(IB)No. 1647-NCLT-MB-2019

> NCLT judgment dated 2019-08-19. Citation: TCN-2019-NCLT-01921. Corporation Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 19 Aug 2019
- **Citation:** TCN-2019-NCLT-01921
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tasgaonkar-blossom-private-limited-cpibno-1647-nclt-mb-2019-1ecb2741

## Summary

### Background

Corporation Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tasgaonkar Blossom Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petition was filed on 24.04.2019, claiming a total default of ₹18,24,72,433/- as of 31.03.2019. The financial assistance was provided by Corporation Bank to Tasgaonkar Blossom Private Limited in the form of loans.

## Facts

Corporation Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Tasgaonkar Blossom Private Limited, the corporate debtor, to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed on 24.04.2019, claiming a total default of ₹18,24,72,433/- as of 31.03.2019. The financial assistance was provided by Corporation Bank to Tasgaonkar Blossom Private Limited in the form of Funded Interest Term Loan (FTIL) and Agricultural Term Loan (ATL). The petitioner disbursed ₹57,61,422/- as FTIL and ₹9,68,35,170/- as ATL. The loans were disbursed as per the sanction letters dated 24.12.2011 and 28.06.2014. The petitioner and the corporate debtor executed various deeds and documents related to the

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## Issues and analysis

### Issue 1: Whether the application under Section 7 …

**Ratio:** Section 7 of the I&B Code, 2016, outlines the requirements for initiating the

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**Reasoning:** The court examined the documents submitted by the petitioner, including sanction letters,

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**Interpretation:** The completeness of the application is a prerequisite for the admission of the

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**Application:** The court found that the application was complete based on the documents

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## Parties

- **Judges:** V. P. S…; Mr Rajesh…
- **Appellants:** Corporatio…
- **Respondents:** Tasgaonkar…

## Timeline

- **1980-01-01 — Banking Compa…**: Reference to the Banking Companies (Acquisitions and Transfer of Undertakings) Act, 1980,…
- **2011-12-24 — Sanction Lett…**: Date of the Sanction Letter for the loan provided by the Petitioner to the Corporate…

## 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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