# In the matter of Valepura Plantations Pvt. Ltd. C.P. (IB) No. 311-BB-2018

> NCLT judgment dated 2019-09-26. Citation: TCN-2019-NCLT-01230. The case pertains to C.P. (IB) No.310/BB/2019 filed by M/s. Syndicate Bank, the Financial…

- **Court:** NCLT
- **Order date:** 26 Sept 2019
- **Citation:** TCN-2019-NCLT-01230
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/valepura-plantations-pvt-ltd-cp-ib-no-311-bb-2018-613904b2

## Summary

### Background

The case pertains to C.P. (IB) No.310/BB/2019 filed by M/s. Syndicate Bank, the Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the I&B (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Valepura Plantations Pvt. Ltd, the Corporate Debtor, due to a default on an outstanding amount of Rs. 1,56,06,840.06. The petition was filed on 2019-07-23. The Registry raised certain objections which were not complied with. The case was listed on 2019-09-20 for non-compliance of office objections, but neither the counsel nor the Petitioner appeared before the Tribunal.

## Facts

M/s. Syndicate Bank, acting as the Financial Creditor, filed C.P. (IB) No.310/BB/2019 under Section 7 of the IBC, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Valepura Plantations Pvt. Ltd, the Corporate Debtor. The basis for the application was a default on an outstanding amount of Rs. 1,56,06,840.06. The petition was filed on 2019-07-23. The Registry raised certain office objections to the application, which were not complied with by the petitioner within the stipulated time. As a result, the case was listed on 2019-09-20 for non-compliance of office objections. On that date, neither the counsel for the petitioner nor the petitioner itself appeared before the Tribunal. The case was then posted for dismissal on 2019-09-26, and again,

…

## Issues and analysis

### Issue 1: Whether the petition under Section 7 of the IBC can be dismissed due to non-compliance with office …

**Ratio:** The ratio is that compliance with procedural requirements, including addressing office

…

**Reasoning:** The Tribunal reasoned that the petitioner's failure to comply with the office objections

…

**Interpretation:** The interpretation is that the IBC and its associated rules require strict

…

**Application:** In this case, the petitioner's failure to address the office objections raised

…

## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Appellants:** M/s.Syndica…
- **Respondents:** M/s.Valepura…

## Timeline

- **2019-07-23 — Petition…**: M/s. Syndicate Bank filed the…
- **2019-08-08 — Office Obj…**: The Registry raised certain office…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/valepura-plantations-pvt-ltd-cp-ib-no-311-bb-2018-613904b2