# State Bank of India vs. M/s Bhubaneshwari Sea Food Private Limited

> NCLT judgment dated 2026-06-22. Citation: TCN-2026-NCLT-00590. The Financial Creditor, State Bank of India, filed a Company Petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 22 Jun 2026
- **Citation:** TCN-2026-NCLT-00590
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/state-bank-of-india-vs-ms-bhubaneshwari-sea-food-private-limited-2vgxk

## Summary

### Background

The Financial Creditor, State Bank of India, filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s Bhubaneshwari Sea Food Private Limited (Corporate Debtor) for outstanding dues of Rs. 10,01,97,424.35. The Corporate Debtor had availed various credit facilities from the Financial Creditor and subsequently failed to make repayments, leading to its account being declared a Non-Performing Asset (NPA).

## Facts

State Bank of India (Financial Creditor) filed a Company Petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Bhubaneshwari Sea Food Private Limited (Corporate Debtor).

The petition sought to recover outstanding dues of Rs. 10,01,97,424.35 from the Corporate Debtor.

The Corporate Debtor was incorporated on 27.05.2015, under the Companies Act, 2013.

The Corporate Debtor and its guarantors approached the Financial Creditor for credit facilities in 2020, which were approved and sanctioned.

Security documents were executed between the Corporate Debtor, its guarantors, and the Financial Creditor.

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## Issues and analysis

### Issue 1: Whether the Financial Creditor has successfully filed a Company Petition under Section 7 of the …

**Ratio:** A petition under Section 7 of the IBC is successfully filed when it is complete in form,

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**Reasoning:** The Financial Creditor filed the Company Petition under Section 7 of the IBC, 2016, read

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**Interpretation:** The NCLT interpreted the procedural requirements for filing a Section 7

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**Application:** The NCLT applied the procedural rules of the IBC and its associated regulations

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** State Bank of…
- **Respondents:** M/S BHUBANESHWARI…
- **Other parties:** Committee of…; Tripti Ag…
- **Advocates:** Santosh Kum…; Ashmita…; +1 more

## Timeline

- **2015-05-27 — Corporate Debtor…**: M/s Bhubaneshwari Sea Food Private Limited (Corporate Debtor) was incorporated under the…
- **2020 — Credit Facilities…**: The Corporate Debtor along with its guarantors approached the Financial Creditor for…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 19 — Personnel to extend co-operation to interim…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-19)

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