# In the matter of LABHANSHI AGRITECH PRIVATE LIMITED

> NCLT judgment dated 2026-01-08. Citation: TCN-2026-NCLT-00053. Shashwat Enterprises, a financial creditor, filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 8 Jan 2026
- **Citation:** TCN-2026-NCLT-00053
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/labhanshi-agritech-private-limited-052c47b3

## Summary

### Background

Shashwat Enterprises, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Labhanshi Agritech Private Limited, the corporate debtor, due to a default in repayment of a financial debt.

## Facts

Shashwat Enterprises, through its sole proprietor Pushpendra Jain, extended a short-term unsecured loan to Labhanshi Agritech Private Limited.

A Loan Agreement dated 04.12.2024 was executed, with the loan amount to be disbursed by 31.12.2024 and repaid by 31.03.2025 with interest at 1.5% per month and an additional 3% penal interest in case of default.

The applicant disbursed Rs. 2,27,00,000/- in various tranches via banking channel.

The corporate debtor defaulted in repaying the outstanding principal along with accrued interest on 31.03.2025.

The Financial Creditor issued multiple reminders and a Demand Letter dated 26.05.2025.

The corporate debtor acknowledged its liability qua the outstanding dues in a letter dated 26.06.2025.

…

## Issues and analysis

### Issue 1: Whether the petition filed by the financial creditor is maintainable under Section 7 of the …

**Ratio:** The petition is maintainable if it satisfies the requirements of Section 7(3) read with

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**Reasoning:** The Adjudicating Authority found that the petition was complete in all respects and that

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**Interpretation:** The Adjudicating Authority interpreted Section 7 of the Insolvency and

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**Application:** The Adjudicating Authority applied the provisions of Section 7 of the

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Shashwat Enterpris…; Shashwat Enterpris…; +1 more
- **Respondents:** Labhanshi…
- **Other parties:** Navin Khan…
- **Advocates:** Jatin S…; Rohit D…

## Timeline

- **2024-12-04 — Loan Agreeme…**: Loan Agreement executed between Shashwat Enterprises and Labhanshi Agritech Private…
- **2024-12-28 — Loan Disb…**: Rs. 65,00,000/- disbursed to…

## 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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