# In the matter of DEE PLONE POLYSTER PVT LTD

> NCLT judgment dated 2025-09-02. Citation: TCN-2025-NCLT-01332. Pegasus Assets Reconstruction Private Limited, the Financial Creditor, filed an application…

- **Court:** NCLT
- **Order date:** 2 Sept 2025
- **Citation:** TCN-2025-NCLT-01332
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/dee-plone-polyster-pvt-ltd-0862cc9d

## Summary

### Background

Pegasus Assets Reconstruction Private Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against DEE Plone Polyster Pvt Ltd, the Corporate Debtor, due to a default of Rs. 37,35,74,442.07.

## Facts

Pegasus Assets Reconstruction Private Limited filed an application under Section 7 of the IBC to initiate CIRP against DEE Plone Polyster Pvt Ltd.

The total amount claimed to be in default is Rs. 37,35,74,442.07.

The Dombivli Nagari Sahakari Bank Ltd. assigned the debt and all associated security rights to Pegasus ARC through a registered Assignment Deed dated 31.12.2020.

The Corporate Debtor defaulted in repayment, and the loan account was classified as NPA on 31.03.2018 by DNS Bank.

The Corporate Debtor acknowledged the outstanding debt in its audited balance sheets for FY 2018-19, 2019-20, and 2020-21, and in an email dated 16.02.2024.

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## Issues and analysis

### Issue 1: Whether the initial lapse in authorization by …

**Ratio:** The NCLT held that the initial lapse in

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**Reasoning:** The NCLT noted that the Applicant had placed on record the authorization of its officer

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**Interpretation:** An initial defect in authorization can be cured by submitting a valid Board

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**Application:** The NCLT applied this principle to the present case and held that the initial

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## Parties

- **Judges:** ASHISH…; SANJIV…
- **Appellants:** Pegasus Assets…
- **Respondents:** DEE PLONE…
- **Other parties:** Anuj Ba…; State of U.P. v.…; +8 more
- **Advocates:** Rahul Ga…; Nikita Abh…; +2 more

## Timeline

- **01.11.2023 — Application…**: Pegasus Assets Reconstruction Private Limited filed the application under Section 7 of…
- **31.12.2020 — Assignmen…**: Dombivli Nagari Sahakari Bank Ltd. assigned the debt to Pegasus ARC through a registered…

## 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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