# In the matter of Labhanshi Agritech Private Limited

> NCLT judgment dated 2026-01-08. Citation: TCN-2026-NCLT-00012. 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-00012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/labhanshi-agritech-private-limited-c30444d8

## 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 was executed on 04.12.2024, with a repayment deadline of 31.03.2025.

The Corporate Debtor defaulted on the repayment of Rs. 2,78,07,500/- as of 31.03.2025.

The Financial Creditor issued multiple reminders and demand letters to the Corporate Debtor.

The Corporate Debtor acknowledged its liability in a letter dated 26.06.2025.

The applicant nominated Navin Khandelwal as Interim Resolution Professional.

The Adjudicating Authority found that the debt and default were duly established.

## Issues and analysis

### Issue 1: Whether the petition filed by the Financial …

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

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**Reasoning:** The Financial Creditor has provided sufficient evidence of debt, disbursal, and default.

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

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**Application:** The Adjudicating Authority applied Section 7 of the IBC and found that the

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## Parties

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

## Timeline

- **2024-12-04 — Loan Agre…**: Loan agreement executed between Shashwat Enterprises and Labhanshi Agritech Private…
- **2024-12-28 — Disbursal of Lo…**: Disbursal of loan…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(23) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

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