# In the matter of ADITYAMAN ENTERPRISES PRIVATE LIMITED

> NCLT judgment dated 2025-03-06. Citation: TCN-2025-NCLT-00387. The Sangli District Central Co-operative Bank Limited filed a Company Petition under Section 7…

- **Court:** NCLT
- **Order date:** 6 Mar 2025
- **Citation:** TCN-2025-NCLT-00387
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/adityaman-enterprises-private-limited-c5ec1e00

## Summary

### Background

The Sangli District Central Co-operative Bank Limited filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Adityaman Enterprises Private Limited due to default in repayment of a debt amounting to INR 2,80,33,323. The Corporate Debtor had approached the Financial Creditor for a loan, which was sanctioned, and various documents were executed to secure the financial facilities. The date of declaration of NPA is 2023-11-29, and the date of default is 2023-07-31, recorded with NeSL as of 2024-03-28.

## Facts

Sangli District Central Co-operative Bank Limited (Financial Creditor) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Adityaman Enterprises Private Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, due to a default of INR 2,80,33,323. The Corporate Debtor had taken a loan from the Financial Creditor, which was sanctioned on 2023-03-29. The Corporate Debtor executed documents, including sanction letters, joint and indenture liability, and a promissory note. The date of declaration of NPA is 2023-11-29, and the date of default is 2023-07-31. The Financial Creditor sent multiple demand notices to the Corporate Debtor, but received no response. The Corporate Debtor failed to appear before the court

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The court considered the facts and circumstances presented in the petition, including the

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**Interpretation:** Section 7 provides a mechanism for financial creditors to recover their dues

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**Application:** The Financial Creditor demonstrated the existence of a financial debt and a

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## Parties

- **Judges:** Prabhat…; V.G. B…
- **Respondents:** Adityaman…

## Timeline

- **2023-03-29 — Sanction Lett…**: Financial Creditor sanctioned the…
- **2023-07-31 — Date of D…**: Date of Default according to…

## 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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