# In the matter of Enki Glass Industry Pvt. Ltd. C.P. (IB)-749(MB)2022

> NCLT judgment dated 2023-02-27. Citation: TCN-2023-NCLT-04451. The case pertains to a petition filed by Janseva Sahkari Bank Limited, Pune (the Financial…

- **Court:** NCLT
- **Order date:** 27 Feb 2023
- **Citation:** TCN-2023-NCLT-04451
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/enki-glass-industry-pvt-ltd-cp-ib-749mb2022-e5d2b575

## Summary

### Background

The case pertains to a petition filed by Janseva Sahkari Bank Limited, Pune (the Financial Creditor) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Enki Glass Industry Private Limited (the Corporate Debtor). The Corporate Debtor was incorporated on 13.08.2007. The Financial Creditor claims a default of Rs.9,33,28,529.05/-, with the date of default being 30.06.2013. The Financial Creditor also issued a notice under the SARFAESI Act on 06.11.2013 and took symbolic possession of the mortgaged properties on 28.04.2014. The Corporate Debtor's account was declared NPA on 30.06.2013.

## Facts

Janseva Sahkari Bank Limited, Pune, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Enki Glass Industry Private Limited. Enki Glass Industry Private Limited, incorporated on 13.08.2007, is the Corporate Debtor. The total debt claimed to be in default is Rs.9,33,28,529.05/-, with the principal amount as on 31.07.2021 being Rs.7,49,52,729.05/- towards a term loan and Rs.1,83,75,800.10/- towards a working capital demand loan. The date of default is 30.06.2013. Jalgaon Peoples Co-op Bank (lead bank) had issued a notice under the SARFAESI Act on 06.11.2013, and symbolic possession was taken on 28.04.2014. The Corporate Debtor's account was declared NPA on 30.06.2013. The

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## Issues and analysis

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

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Reasoning:** The Adjudicating Authority found that the application made by the Financial Creditor was

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**Interpretation:** Section 7 of the IBC provides a mechanism for financial creditors to initiate

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**Application:** In this case, the Adjudicating Authority determined that the Financial

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## Parties

- **Judges:** SH. SHYAM BABU…; Shri. H. V. Subba…
- **Appellants:** Janaseva Sahakari…
- **Respondents:** Enki Glass…; Enki Glass…
- **Advocates:** Avinash R.…; Surekha…; +1 more

## Timeline

- **2007-08-13 — Incorporation of…**: Enki Glass Industry Private…
- **2013-06-30 — Date of D…**: The date of default is…

## 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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