# In the matter of BIL VYAPAR LIMITED

> NCLT judgment dated 2025-11-13. Citation: TCN-2025-NCLT-01675. Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Nov 2025
- **Citation:** TCN-2025-NCLT-01675
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/bil-vyapar-limited-cffd5a21

## Summary

### Background

Punjab National Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Binani Industries Limited, the Corporate Debtor, due to outstanding financial debt.

## Facts

Punjab National Bank (PNB) advanced a loan of Rs. 220 crores to BIL Infratech Limited, a subsidiary of Binani Industries Limited (Corporate Debtor).

The Corporate Debtor provided a letter of comfort to PNB on January 6, 2012, favouring the Financial Creditor.

PNB enhanced the fund-based limit to Rs. 10,00,00,000 and non-fund-based limit to Rs. 100,00,00,000, which were subsequently enhanced to Rs. 20,00,00,000 and Rs. 200,00,00,000 respectively.

The Corporate Debtor furnished a letter of undertaking in favour of the Financial Creditor on August 8, 2013, February 14, 2014, and April 17, 2016.

BIL Infratech Limited acknowledged its liability to PNB through a revival letter dated February 22, 2017.

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## Issues and analysis

### Issue 1: Whether the debt against the Corporate …

**Ratio:** The plea of the Corporate Debtor that the

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**Reasoning:** The Corporate Debtor provided letters of comfort, undertakings, and balance confirmation

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**Interpretation:** The tribunal interpreted these documents as evidence of the Corporate Debtor's

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**Application:** The tribunal applied the principle that acknowledgment of debt within the

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Punjab National…
- **Respondents:** Binani Industries…
- **Other parties:** Rajesh Kuma…; Pradyut…; +7 more
- **Advocates:** Jishnu Cho…; A. R…; +1 more

## Timeline

- **2012-01-06 — Letter of C…**: Corporate Debtor submitted a letter of…
- **2013-08-08 — Letter of Und…**: Corporate Debtor furnished a letter of…

## 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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