# In the matter of KAKAN RICE MILL PRIVATE LIMITED

> NCLT judgment dated 2026-02-12. Citation: TCN-2026-NCLT-00154. Bank of Baroda, the Financial Creditor (FC), filed a petition under Section 7 of the Insolvency…

- **Court:** NCLT
- **Order date:** 12 Feb 2026
- **Citation:** TCN-2026-NCLT-00154
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/kakan-rice-mill-private-limited-bc7a7152

## Summary

### Background

Bank of Baroda, the Financial Creditor (FC), filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Kakan Rice Mill Private Limited, the Corporate Debtor (CD).

## Facts

Bank of Baroda filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Kakan Rice Mill Private Limited.

The Corporate Debtor is a private limited company incorporated on 20th July, 1908.

The total amount claimed to be due to the Financial Creditor is ₹22,82,72,314.17, with the date of default mentioned as 22nd December, 2022.

The Financial Creditor sanctioned credit facilities to the Corporate Debtor on 05th April 2013.

The Corporate Debtor defaulted in repayment despite restructuring efforts.

The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act, 2002.

The Financial Creditor filed an Original Application before the DRT, Patna, which was allowed, and a recovery certificate was issued.

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## Issues and analysis

### Issue 1: Whether the petition filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** The Hon'ble Supreme Court in the case of Dena Bank v. C. Shivakumar Reddy (2021) 10 SCC

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**Reasoning:** The recovery certificate was issued by the Ld. DRT, Patna on 07th September, 2022 and the

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**Interpretation:** Upon the issuance of a certificate of recovery in favour of the FC, the claim

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**Application:** The petition filed by the Financial Creditor under Section 7 of the Insolvency

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Bank of B…
- **Respondents:** Kakan Rice Mill…
- **Other parties:** Bhupendra…; Ranvijay…; +1 more
- **Advocates:** Avishek…; Arunika…; +1 more

## Timeline

- **2012-12-26 — Application/Proposal…**: Mr. Bhupendra Singh and Mr. Ranvijay Singh submitted an application/proposal seeking…
- **2013-04-05 — Intimation of…**: The Financial Creditor intimated the directors of the Corporate Debtor and the personal…

## 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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