# Bank of Maharashtra vs. Pooja Diam LLP

> NCLT judgment dated 2026-08-25. Citation: TCN-2026-NCLT-00882. Bank of Maharashtra, a Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 25 Aug 2026
- **Citation:** TCN-2026-NCLT-00882
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bank-of-maharashtra-vs-pooja-diam-llp-21fbn

## Summary

### Background

Bank of Maharashtra, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Pooja Diam LLP, the Corporate Debtor, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). Pooja Diam LLP, formerly M/s. Pooja Exports, is engaged in the business of manufacturing and trading diamonds, precious stones, and jewellery. The Corporate Debtor had availed various credit facilities from a consortium of banks, led by Canara Bank, with Bank of Maharashtra being one of the lenders. The Corporate Debtor defaulted on its loan obligations, leading to its accounts being classified as Non-Performing Assets (NPAs) by the Applicant on September 29, 2021. The total amount claimed in default by the Applicant is Rs.

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## Facts

Bank of Maharashtra, the Applicant (Financial Creditor), filed an application bearing C.P.(IB) No.126/MB/2026 under Section 7 of the IBC.

The application was filed on January 9, 2026.

Pooja Diam LLP, the Corporate Debtor, was formerly M/s. Pooja Exports, a partnership firm, and converted into a limited liability partnership on September 27, 2019.

Pooja Diam LLP is engaged in the business of manufacturing and trading of diamonds, precious stones, and jewellery.

Mr. Dipak Kumar, Branch Manager, is the authorized representative of Bank of Maharashtra for initiating CIRP.

The Applicant proposed Mr. Anil Kashi Drolia to act as an Interim Resolution Professional (IRP), whose AFA is valid till June 30, 2027.

The amount claimed to be in default by the Applicant is Rs. 61,30,58,044/-.

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## Issues and analysis

### Issue 1: Whether the application filed by Bank of Maharashtra under Section 7 of the IBC against Pooja Diam …

**Ratio:** An application under Section 7 of the IBC is fit for admission if all statutory

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**Reasoning:** The Applicant (Bank of Maharashtra) submitted all required documents, including the

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**Interpretation:** The term 'complete' in this context refers to the adherence to procedural

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**Application:** The Tribunal found that all pre-requisites of Section 7 of the Code were

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** Pooja Dia…
- **Other parties:** Anil Kashi…
- **Advocates:** Sachin…; Hitesh Ag…; +2 more

## Timeline

- **2024-12-27 — Authority Lett…**: Authority Letter issued to Mr. Dipak Kumar, Branch Manager of Bank of Maharashtra,…
- **2026-01-09 — Application…**: Application C.P.(IB) No.126/MB/2026 filed by Bank of Maharashtra under Section 7 of the…

## 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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