# Pancham Studios Pvt. Ltd. vs. Konark Aquatics & Exports Pvt. Ltd.

> NCLT judgment dated 2026-08-18. Citation: TCN-2026-NCLT-00848. Pancham Studios Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 18 Aug 2026
- **Citation:** TCN-2026-NCLT-00848
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/pancham-studios-pvt-ltd-vs-konark-aquatics-exports-pvt-ltd-3hntw

## Summary

### Background

Pancham Studios Pvt. Ltd. filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Konark Aquatics & Exports Pvt. Ltd. for the initiation of Corporate Insolvency Resolution Process (CIRP). This application followed a series of legal proceedings where the Hon'ble NCLAT had previously found the existence of debt and default, setting aside an earlier NCLT order, and this NCLAT decision was subsequently upheld by the Hon'ble Supreme Court, which dismissed the Corporate Debtor's appeal.

## Facts

Pancham Studios Pvt. Ltd. filed an application under Section 7 of the IBC against Konark Aquatics & Exports Pvt. Ltd.

The Hon'ble Apex Court, in Civil Appeal No.12991/2025, dismissed an appeal filed by the Corporate Debtor against an NCLAT order dated 15.07.2025.

The NCLAT, in its order dated 15.07.2025 (CA(AT)(Ins) No. 406/2024), found that the Appellant (Financial Creditor) had proved the disbursement of an amount.

The disbursed amount was not disputed and was continuously reflected as an unsecured loan in the Corporate Debtor's balance sheet.

The debt remained unpaid despite repeated demands made through five demand notices.

The NCLAT concluded that the non-payment constituted a default on the part of the Respondent (Corporate Debtor).

…

## Issues and analysis

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

**Ratio:** An application under Section 7 of the IBC is to be admitted if it is complete in all

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**Reasoning:** The Adjudicating Authority, after considering the findings of the Hon'ble NCLAT and the

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**Interpretation:** The completeness of an application under Section 7 implies that all statutory

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**Application:** The NCLT found the application by Pancham Studios Pvt. Ltd. to be procedurally

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## Parties

- **Judges:** Sh. Cheekati…; Banwari Lal…
- **Appellants:** Pancham Studios…
- **Respondents:** Konark Aquatics &…
- **Other parties:** Saradindu…
- **Advocates:** Saswat Kumar…; Krutibash…; +3 more

## Timeline

- **2025-07-15 — NCLAT Or…**: Hon'ble NCLAT, New Delhi passed an order in CA(AT)(Ins) No. 406/2024, giving clear…
- **2026-07-24 — Supreme Cour…**: Hon'ble Apex Court passed an order in Civil Appeal No.12991/2025, dismissing the appeal…

## 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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