# In the matter of SPD COLD STORAGE LLP

> NCLT judgment dated 2025-09-09. Citation: TCN-2025-NCLT-01385. Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 9 Sept 2025
- **Citation:** TCN-2025-NCLT-01385
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/spd-cold-storage-llp-c5559864

## Summary

### Background

Bank of Maharashtra filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. SPD Cold Storage LLP due to default in payment of financial debt.

## Facts

Bank of Maharashtra filed C.P. (IB) No.371/MB/2025 on 04.03.2025 under Section 7 of the IBC.

The total amount claimed to be in default is Rs. 37,63,63,399.32/- inclusive of interest as on 28.01.2025.

The date of default mentioned in Part-IV is 28.09.2023, which is the date of NPA.

The Corporate Debtor (CD) was granted various facilities vide Sanction Letter No. ZLCC-ZM/CPC-104/2019-20 dated 31.12.2019 and amendment in sanction letter dated 31.12.2019.

The Applicant initiated action under the SARFAESI Act, 2002 and also filed an Original Application No. 165 of 2024 before the Hon'ble DRT, Pune which is pending adjudication.

The date of default was amended by the Applicant in Form 1 as 30.06.2023.

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## Issues and analysis

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

**Ratio:** Yes, the Corporate Debtor defaulted

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**Reasoning:** The Tribunal perused the sanction letters, statement of accounts, and mortgage deed. It

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**Interpretation:** The Tribunal interpreted the terms of the loan agreements and the RBI

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**Application:** The Tribunal applied the provisions of Section 5(8) of the IBC to determine

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Bank of Maharashtr…
- **Respondents:** M/s. SPD Cold…
- **Other parties:** Prakash…
- **Advocates:** Subir K…; Vaishnavi…; +3 more

## Timeline

- **2025-03-04 — Application…**: Bank of Maharashtra filed C.P. (IB)…
- **2023-09-28 — Account Classified as…**: The Applicant…

## 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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