# In the matter of PEEJAY AGRO FOODS PRIVATE LIMITED

> NCLT judgment dated 2025-05-28. Citation: TCN-2025-NCLT-00953. State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 28 May 2025
- **Citation:** TCN-2025-NCLT-00953
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/peejay-agro-foods-private-limited-b88ac133

## Summary

### Background

State Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Peejay Agro Foods Private Limited, claiming a default of Rs. 23,30,23,556/- as of 25.02.2025.

## Facts

State Bank of India filed a petition under Section 7 of the IBC on 26.02.2025.

The claimed default amount is Rs. 23,30,23,556/- as on 25.02.2025.

Peejay Agro Foods Private Limited was incorporated on 17.04.2013.

The Corporate Debtor was given multiple opportunities to appear but did not.

The Corporate Debtor and its guarantors acknowledged the debt before the Debt Recovery Tribunal on 19.01.2023.

The account was classified as Non-Performing Asset on 30.03.2021.

The Petitioner issued a demand notice under Section 13(2) of the SARFAESI Act on 21.06.2021.

The Hon'ble Supreme Court excluded the period from 15.03.2020 to 28.02.2022 from the limitation period due to the COVID-19 pandemic.

## Issues and analysis

### Issue 1: Whether the Petition is …

**Ratio:** The petition is not

…

**Reasoning:** The Hon'ble Supreme Court excluded the period from 15.03.2020 to 28.02.2022 from the

…

**Interpretation:** The exclusion of the COVID-19 period and the acknowledgment of debt extend the

…

**Application:** The Adjudicating Authority considered the Supreme Court's order and the

…

## Parties

- **Judges:** Man Mohan…; Vinay…
- **Appellants:** State Bank of…
- **Respondents:** Peejay Agro Foods…
- **Other parties:** P. Raghav…
- **Advocates:** Vinod…

## Timeline

- **2025-02-26 — Petition…**: State Bank of India filed a…
- **2021-03-30 — Account Classified as…**: The account was classified…

## 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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