# In the matter of Sanghvi Beauty & Technologies Private Limited

> NCLT judgment dated 2025-09-12. Citation: TCN-2025-NCLT-01415. The Hongkong And Shanghai Banking Corporation Limited filed an application under Section 7 of…

- **Court:** NCLT
- **Order date:** 12 Sept 2025
- **Citation:** TCN-2025-NCLT-01415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/sanghvi-beauty-technologies-private-limited-a2ba6fb3

## Summary

### Background

The Hongkong And Shanghai Banking Corporation Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sanghvi Beauty & Technologies Private Limited, seeking commencement of CIRP, appointment of IRP, and declaration of moratorium.

## Facts

The Hongkong And Shanghai Banking Corporation Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Debtor, Sanghvi Beauty & Technologies Private Limited, defaulted on 24.12.2024.

The amount in default was Rs. 42,62,20,059.17.

The Applicant issued a demand notice dated 09.01.2025.

The Corporate Debtor's accounts were declared NPA on 24.03.2025.

The outstanding amount claimed by the Applicant was Rs. 16,49,73,642.31 as on 30.04.2025.

The Corporate Debtor created securities in favor of the Applicant, including Deposit Under Lien (DUL) and Unattested Deed of Hypothecation.

The Corporate Debtor raised a technical objection regarding the authority of the person who executed the application.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** The Hon'ble Supreme Court in the case of Innoventive Industries Limited v. ICICI Bank

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**Reasoning:** The Adjudicating Authority considered the records provided by the Financial Creditor and

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**Interpretation:** The Adjudicating Authority has the power to assess the records provided by the

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**Application:** The Adjudicating Authority admitted the

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** The Hongkong and…
- **Respondents:** Sanghvi Beauty &…
- **Other parties:** Darpan Sa…; RavindraB…
- **Advocates:** Shyam Ka…; Aayesh G…; +3 more

## Timeline

- **2024-12-24 — Date of D…**: The Corporate Debtor…
- **2025-01-09 — Demand N…**: The Applicant issued a…

## 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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