# In the matter of SHREE UTTAM FOOD PRODUCTS (INDIA) PRIVATE LIMITED

> NCLT judgment dated 2025-12-05. Citation: TCN-2025-NCLT-01770. Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 5 Dec 2025
- **Citation:** TCN-2025-NCLT-01770
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/shree-uttam-food-products-india-private-limited-132464a4

## Summary

### Background

Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Shree Uttam Food Products Private Limited due to default in payment of outstanding debts amounting to Rs. 23,91,36,802/- as on 31st January 2024. The date of default is stated to be 04.01.2020.

## Facts

Punjab National Bank filed a petition under Section 7 of the IBC against M/s Shree Uttam Food Products Private Limited.

The Corporate Debtor defaulted on payments amounting to Rs. 23,91,36,802/- as on 31st January 2024, with the date of default being 04.01.2020.

The Financial Creditor sanctioned Term Loan of Rs. 1500 Lakhs and CC Limits to the tune of Rs. 500 Lakhs, vide Sanction letter dated 29.01.2014.

The Respondent/ Corporate Debtor failed to pay the dues on the respective due dates of the various facilities and the account was classified as NPA on 04.01.2020.

The Financial Creditor initiated recovery proceedings before the Debt Recovery Tribunal, Jabalpur, by filing Original Application No. 118 of 2022.

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## Issues and analysis

### Issue 1: Whether the present application is within the Limitation period to initiate the CIRP against the …

**Ratio:** The Hon'ble Supreme Court, in its Suo Moto Writ Petition (C) No. 3 of 2020, extended the

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**Reasoning:** The date of default is 4.01.2020 and the application under section 7 was filed on

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**Interpretation:** The application is filed within the limitation period considering the exclusion

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**Application:** The application is deemed to be

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Punjab National…
- **Respondents:** M/s Shree Uttam…; M/s Shree Uttam…
- **Other parties:** Kuldeep…
- **Advocates:** Shraddha Ch…; Himani Ch…; +3 more

## Timeline

- **2020-01-04 — Date of D…**: The account of the Corporate Debtor was…
- **2020-01-07 — Notice under SARFAESI…**: The Applicant issued notice under section…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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