# In the matter of Vibha Agro Tech Limited CP(IB) No.645-7-HDB-2018

> NCLT judgment dated 2023-06-05. Citation: TCN-2023-NCLT-03084. The case pertains to CP(IB) No.645/7/HDB/2018 filed under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 5 Jun 2023
- **Citation:** TCN-2023-NCLT-03084
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vibha-agro-tech-limited-cpib-no645-7-hdb-2018-b0aa169f

## Summary

### Background

The case pertains to CP(IB) No.645/7/HDB/2018 filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. The matter involves State Bank of India (Stressed Assets Management Branch) as the Financial Creditor and Vibha Agro Tech Limited as the Corporate Debtor.

## Facts

State Bank of India (Stressed Assets Management Branch) filed a Company Petition (CP(IB) No.645/7/HDB/2018) under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Vibha Agro Tech Limited. The petition was heard by the National Company Law Tribunal (NCLT), Hyderabad Bench – 1, on 2023-06-05. The NCLT pronounced orders allowing the petition and admitting Vibha Agro Tech Limited into the Corporate Insolvency Resolution Process (CIRP). A moratorium was imposed as a result of the admission into CIRP. The case was presided over by Dr. Venkata Ramakrishna Badarinath Nandula (Judicial Member) and Sh. Charan Singh (Technical Member).

## Issues and analysis

### Issue 1: Whether the Company Petition filed by the Financial Creditor under Section 7 of the IBC, 2016, …

**Ratio:** Section 7 of the IBC, 2016, allows a Financial Creditor to initiate CIRP against a

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**Reasoning:** The NCLT considered the application and evidence presented by the Financial Creditor and

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**Interpretation:** Section 7 of the IBC provides the mechanism for Financial Creditors to trigger

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**Application:** The NCLT applied Section 7 to the facts presented by State Bank of India and

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## Parties

- **Judges:** Venkata Ramakrishn…; SH. CHARAN…
- **Appellants:** State Bank of…
- **Respondents:** Vibha Agro Tech…

## Timeline

- **2018-01-01 — CP(IB) No.645/7/HDB/2018…**: Company Petition CP(IB)…
- **2023-06-05 — Hearing…**: Attendance cum order sheet of the…

## 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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