# In the matter of MB Patil Gold Private Limited

> NCLT judgment dated 2025-07-28. Citation: TCN-2025-NCLT-01142. Sangli District Central Co-op Bank Limited filed an application under Section 7 of the IBC,…

- **Court:** NCLT
- **Order date:** 28 Jul 2025
- **Citation:** TCN-2025-NCLT-01142
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/mb-patil-gold-private-limited-91abe0c6

## Summary

### Background

Sangli District Central Co-op Bank Limited filed an application under Section 7 of the IBC, 2016, for initiating CIRP against M.B Patil Gold Private Limited due to default in repayment of financial facilities.

## Facts

Sangli District Central Co-op Bank Limited, the Financial Creditor, filed C.P. (IB) No.35/MB/2025 on 05.09.2024 under Section 7 of the IBC.

The amount claimed to be in default is Rs.1,86,91,894/- with the date of default being 31.03.2024 for cash credit and 28.03.2024 for term loan.

The Applicant sanctioned a medium-term loan of Rs.1,05,00,000/- and a cash credit loan of Rs.1,15,00,000/- to the Corporate Debtor.

The Corporate Debtor committed default in both the loan accounts on 28.03.2024 and 31.03.2024, and the accounts were classified as NPA on 26.06.2024 and 29.06.2024.

The directors of the Corporate Debtor acknowledged service of the notice on 14.05.2025 and requested that newspaper publication be avoided.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** Section 7 of the IBC, 2016, read with Rule 4 of the Insolvency and Bankruptcy

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**Reasoning:** The Tribunal observed that the Applicant had provided sufficient documentary evidence,

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**Interpretation:** The Tribunal interpreted Section 7 of the IBC to mean that if a financial

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**Application:** The Tribunal applied this interpretation to the facts of the case and found

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Sangli District…
- **Respondents:** M.B Patil Gold…
- **Other parties:** Vivek Murlidhar…
- **Advocates:** Rohit G…; Niharika…

## Timeline

- **2024-05-09 — Application…**: C.P. (IB) No.35/MB/2025 was filed by Sangli…
- **2024-03-31 — Date of D…**: Date of default for…

## 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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