# In the matter of SHRI BHAGWATI AGRO INDUSTRIES PRIVATE LIMITED

> NCLT judgment dated 2025-11-13. Citation: TCN-2025-NCLT-01637. HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 13 Nov 2025
- **Citation:** TCN-2025-NCLT-01637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/shri-bhagwati-agro-industries-private-limited-42ddfba0

## Summary

### Background

HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Shri Bhagwati Agro Industries Private Limited, citing a default in payment of financial debts amounting to Rs. 10,44,03,044.07 as of 31.12.2024.

## Facts

HDFC Bank Limited filed a petition under Section 7 of the IBC to initiate CIRP against Shri Bhagwati Agro Industries Private Limited.

The claimed default amount is Rs. 10,44,03,044.07 as on 31.12.2024.

The Corporate Debtor was sanctioned various financial facilities by HDFC Bank from 2016 to 2023.

The Corporate Debtor's account was classified as Non-Performing Asset (NPA) on 28.07.2024.

HDFC Bank issued a demand notice dated 13.12.2024 under Section 13(2) of the SARFAESI Act, 2002.

The Corporate Debtor submitted an OTS proposal on 25.04.2025.

A certificate of NESL i.e. Form-D dated 08.11.2024 is placed on record indicating a default date of 28.07.2024.

Ms. Teena Saraswat Pandey is appointed as Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The application is maintainable if the debt and default are established and the amount of

…

**Reasoning:** The Adjudicating Authority found that the debt and default were duly established based on

…

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

…

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

…

## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** HDFC Bank…
- **Respondents:** Bhagwati Agro…; Bhagwati Agro…
- **Other parties:** HDFC Bank L…; Teena Saraswat…
- **Advocates:** Rohit D…; Prashant Up…

## Timeline

- **31.12.2024 — Default…**: The default date for the…
- **28.07.2024 — NPA Classif…**: The account of the Corporate Debtor was…

## 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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