# 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-01238. 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-01238
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/valepura-plantations-pvt-ltd-cp-ib-no-311-bb-2018-a19957ff

## 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 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, 2016, 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 that were not complied with by the Financial Creditor. The case was listed on 2019-09-20 for non-compliance of these objections. On that date, neither the counsel for the Financial Creditor nor the Financial Creditor itself appeared before the Tribunal. Consequently, the case was posted for dismissal on 2019-09-26, and ultimately dismissed for

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor should be admitted for initiating Corporate …

**Ratio:** The ratio is that a petition under Section 7 of the IBC can be admitted if a debt exists

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**Reasoning:** The court reasoned that the petitioner's failure to comply with the registry's objections

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**Interpretation:** This highlights the importance of adhering to procedural requirements and

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**Application:** In this case, the Financial Creditor's non-compliance with office objections

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## 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…

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