# Central Bank of India vs. Deepak Education Limited

> NCLT judgment dated 2026-06-17. Citation: TCN-2026-NCLT-00580. Central Bank of India (Financial Creditor) filed a Section 7 application under the Insolvency…

- **Court:** NCLT
- **Order date:** 17 Jun 2026
- **Citation:** TCN-2026-NCLT-00580
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/central-bank-of-india-vs-deepak-education-limited-v8w9r

## Summary

### Background

Central Bank of India (Financial Creditor) filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against Deepak Education Limited (Corporate Debtor) for initiating Corporate Insolvency Resolution Process (CIRP). The application stemmed from a default on a term property loan sanctioned in 2013 for Rs. 15,00,00,000/-. The Corporate Debtor defaulted on repayment obligations on 31.03.2015, and despite some repayments until 20.01.2016, no further payments were made. The total amount claimed in default was Rs. 44,68,93,218/-. Legal notices were sent, and the default was substantiated by an Information Utility report.

## Facts

Central Bank of India (Financial Creditor) filed a Company Petition (C.P. (IB) No.374/MB/2024) under Section 7 of the IBC against Deepak Education Limited (Corporate Debtor).

The application was filed on 07.10.2023.

In 2013, the Financial Creditor sanctioned a term property loan of Rs. 15,00,00,000/- to the Corporate Debtor vide sanction letter dated 20.05.2013.

The Corporate Debtor confirmed the facility via Board Resolution dated 04.03.2013 and authorized Mr. Deepak Mistry to execute loan and security documents.

The Corporate Debtor executed various financing and security documents, including Facility Agreements and Guarantee Deeds, in favour of the Financial Creditor.

…

## Issues and analysis

### Issue 1: Whether the application for initiating Corporate Insolvency Resolution Process (CIRP) is filed …

**Ratio:** Disclosure of debt in the audited balance sheets of the Corporate Debtor and a One Time

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**Reasoning:** The application was filed on 07.10.2023, while the date of default was 31.03.2015. To

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**Interpretation:** The NCLT interpreted that an acknowledgment of debt, whether through financial

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**Application:** Given the acknowledgments of debt in the Corporate Debtor's audited balance

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## Parties

- **Judges:** ASHISH KALIA,…; SANJIV DUTT,…
- **Appellants:** Central Bank of…
- **Respondents:** Deepak Education…
- **Other parties:** Committee of…; Anil Kashi…
- **Advocates:** Amir Ars…; Tejasvi…

## Timeline

- **2013 — Loan Sanc…**: Financial Creditor sanctioned a term…
- **2013-03-04 — Board Reso…**: Corporate Debtor's Board…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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