# Bank of Baroda vs. Jagdish Construction Ltd

> NCLT judgment dated 2026-08-12. Citation: TCN-2026-NCLT-00841. Bank of Baroda, as Financial Creditor, filed a Section 7 IBC petition against Jagdish…

- **Court:** NCLT
- **Order date:** 12 Aug 2026
- **Citation:** TCN-2026-NCLT-00841
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/bank-of-baroda-vs-jagdish-construction-ltd-lapim

## Summary

### Background

Bank of Baroda, as Financial Creditor, filed a Section 7 IBC petition against Jagdish Construction Limited, the Corporate Debtor, for a financial debt of Rs. 10,94,33,610.91/-. The debt originated from a term loan for commercial vehicles, secured by hypothecation and guarantees, which became a Non-Performing Asset on 28.06.2025 due to default.

## Facts

Bank of Baroda (Financial Creditor) filed a Company Petition under Section 7 of the IBC, 2016.

The petition seeks to initiate CIRP against Jagdish Construction Limited (Corporate Debtor).

The financial debt in default amounts to Rs. 10,94,33,610.91/- as on 30.11.2025.

Mr. Uddhav Kumar Chaudhary, Chief Manager, is the authorized signatory for Bank of Baroda.

Jagdish Construction Limited is a Public company incorporated on 22.02.1990, engaged in freight transport.

Mr. Rishabh Chand Lodha was proposed as the Interim Resolution Professional (IRP).

A term loan facility of Rs. 14,58,00,000/- was sanctioned on 24.03.2023 for the purchase of thirty commercial vehicles.

The loan facility was disbursed on 29.03.2023.

…

## Issues and analysis

### Issue 1: Whether a financial …

**Ratio:** The term loan facility availed by the Corporate Debtor from the Financial Creditor falls

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**Reasoning:** The Financial Creditor provided a term loan for commercial vehicles, and supporting

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**Interpretation:** Section 5(8) of the IBC defines "financial debt" broadly to include

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**Application:** The loan provided by Bank of Baroda to Jagdish Construction Ltd for commercial

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Bank of B…
- **Respondents:** Jagdish Constructi…; Jagdish Constructi…
- **Other parties:** Rishabh Chand…
- **Advocates:** Ayush Sharm…

## Timeline

- **2023-03-24 — Loan San…**: Term loan facility of Rs. 14,58,00,000/-…
- **2023-03-29 — Loan Disbur…**: Term loan facility disbursed…

## 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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