# Kotak Mahindra Bank Limited vs. Akul Industries Private Limited

> NCLT judgment dated 2026-09-03. Citation: TCN-2026-NCLT-00924. Kotak Mahindra Bank Limited (Financial Creditor) filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 3 Sept 2026
- **Citation:** TCN-2026-NCLT-00924
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/kotak-mahindra-bank-limited-vs-akul-industries-private-limited-1mlb8

## Summary

### Background

Kotak Mahindra Bank Limited (Financial Creditor) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Akul Industries Private Limited (Corporate Debtor). The Corporate Debtor acted as a corporate guarantor for a loan advanced to individual borrowers (Mr. Alok Kumar, Mrs. Tulika Kumar, Ms. Shrimayi Kumar, and Ms. Anushree Kumar). The initial loan of Rs. 8,41,00,000/- was sanctioned on August 25, 2021, and a Guarantee Deed was executed on April 25, 2019. Due to the COVID-19 pandemic, the loan was restructured to Rs. 7,99,31,000/-, and a fresh Guarantee Deed was executed on September 28, 2021. The Financial Creditor claimed an outstanding amount of Rs. 8,50,40,814.71/- as

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## Facts

Kotak Mahindra Bank Limited (Financial Creditor) filed an application under Section 7 of the IBC against Akul Industries Private Limited (Corporate Debtor).

Akul Industries Private Limited is the corporate guarantor for a loan advanced to individual borrowers: Mr. Alok Kumar, Mrs. Tulika Kumar, Ms. Shrimayi Kumar, and Ms. Anushree Kumar.

A loan amount of Rs. 8,41,00,000/- was sanctioned on August 25, 2021, to the borrowers.

The Corporate Debtor executed a Guarantee Deed on April 25, 2019, for Loan Account No. LAP18406717.

Due to the COVID-19 pandemic, the existing loan account was restructured for an amount of Rs. 7,99,31,000/-.

A new loan agreement was executed on August 25, 2021, and another Guarantee Deed was executed by the Corporate Debtor on September 28, 2021.

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## Issues and analysis

### Issue 1: Whether the present application has been filed by an unauthorised person on behalf of the applicant …

**Ratio:** The application was filed by a duly authorized

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**Reasoning:** Mr. Rudra Narayan Roychowdhuri, Deputy Manager, was authorized by a Letter of Authority

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**Interpretation:** Proper authorization for filing an application under Section 7 of the IBC is a

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**Application:** The respondent's plea that the application was filed by an unauthorized person

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Kotak Mahindra…
- **Respondents:** Akul Industries…
- **Other parties:** Alok K…; Tulika…; +1 more
- **Advocates:** Aman Ag…; Rupal S…; +3 more

## Timeline

- **1995-11-21 — Incorporation of…**: Kotak Mahindra Bank…
- **2000-07-28 — Incorporation of…**: Akul Industries Private…

## 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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