# In the matter of Sakar Poultry Private Limited CP No. 3664-IBC-NCLT-MAH-2019

> NCLT judgment dated 2022-06-03. Citation: TCN-2022-NCLT-04708. HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 3 Jun 2022
- **Citation:** TCN-2022-NCLT-04708
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/sakar-poultry-private-limited-cp-no-3664-ibc-nclt-mah-2019-4fb446d8

## Summary

### Background

HDFC Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Sakar Poultry Private Limited, alleging default in payment of a loan.

## Facts

HDFC Bank Limited, the Financial Creditor, sought to initiate CIRP against Sakar Poultry Private Limited, the Corporate Debtor.

The Corporate Debtor availed a business loan of Rs. 50 Lakhs from the Financial Creditor on 18th August 2017.

A Business Loan Agreement was executed on 17th October 2017, and the loan was disbursed on 29th September 2017.

The Corporate Debtor defaulted on the repayment of the loan on 6th September 2018.

The Financial Creditor declared the Corporate Debtor's account as NPA on 31st March 2019.

A Loan Recall Notice was issued on 26th August 2019, demanding repayment within 7 days.

The aggregate amount claimed as on 16th September 2019 was Rs. 52,43,634.09/-.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted in …

**Ratio:** The Corporate Debtor admitted the debt but claimed inability to pay. The Financial

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**Reasoning:** The Adjudicating Authority considered the evidence presented by the Financial Creditor

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**Interpretation:** The default was established based

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**Application:** The default triggered the

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## Parties

- **Judges:** P.N. Des…; Shyam Babu…
- **Respondents:** Sakar Poultry…
- **Other parties:** HDFC Bank L…; Manoj Kuma…
- **Advocates:** Harshika M…; Shaba Tar…

## Timeline

- **2017-08-18 — Loan Avai…**: Corporate Debtor approached the Financial Creditor for availing a Business Loan of Rs. 50…
- **2017-10-17 — Loan Agre…**: Business Loan Agreement executed between the…

## 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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