# In the matter of VOSTOK FOODS PRIVATE LIMITED

> NCLT judgment dated 2026-02-19. Citation: TCN-2026-NCLT-00163. Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 19 Feb 2026
- **Citation:** TCN-2026-NCLT-00163
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vostok-foods-private-limited-08591797

## Summary

### Background

Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against Vostok Foods Private Limited due to a default amount of INR 3,54,93,671/-. The date of default was 04.12.2021.

## Facts

Bank of Maharashtra filed an application under Section 7 of the IBC for initiating CIRP against Vostok Foods Private Limited.

The default amount is INR 3,54,93,671/- and the date of default is 04.12.2021.

Vostok Foods Private Limited approached Bank of Maharashtra for a Cash Credit Working Capital of Rs. 25,00,000/- and Term Loan of Rs. 240 Lakhs.

The credit facilities were sanctioned on 14.03.2016.

The term loan of Rs. 240 Lakhs was restructured on 14.01.2019.

The Corporate Debtor acknowledged the debt on 27.01.2022 through a Balance Confirmation Letter.

The Applicant proposed the name of Ankur Bansal as the Interim Resolution Professional.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating …

**Ratio:** The application is maintainable if the debt exceeds the threshold limit and the Corporate

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**Reasoning:** The Corporate Debtor acknowledged the debt, and the debt exceeds the threshold limit. The

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP if a default

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**Application:** The Adjudicating Authority admitted the application as the conditions under

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## Parties

- **Judges:** KHETRABASI…; KAUSHALENDRA…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Vostok Foods…
- **Other parties:** Ankur B…
- **Advocates:** Alankar N…

## Timeline

- **2024-08-29 — Application…**: The present Application was filed on…
- **2021-12-04 — Date of D…**: The date of default, as mentioned in Part…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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