# In the matter of Supertharrm Engineers Private Limited CP (IB) No. 1442-MB-2020

> NCLT judgment dated 2022-06-07. Citation: TCN-2022-NCLT-04679. Vidya Sahakari Bank Limited, the Financial Creditor/Applicant, filed an application under…

- **Court:** NCLT
- **Order date:** 7 Jun 2022
- **Citation:** TCN-2022-NCLT-04679
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/supertharrm-engineers-private-limited-cp-ib-no-1442-mb-2020-73a8119d

## Summary

### Background

Vidya Sahakari Bank Limited, the Financial Creditor/Applicant, filed an application under Section 7 of the Insolvency & Bankruptcy Code, 2016 against Supertharrm Engineers Private Limited, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP).

## Facts

Vidya Sahakari Bank Limited filed CP(IB) No.1442/MB/2020 under Section 7 of the I&B Code, 2016.

The Financial Creditor claimed a total default of Rs. 3,87,20,058.79/-.

The Date of Default as mentioned in the Petition is 30.12.2017.

The Corporate Debtor's account was classified as a Non-Performing Asset (NPA) on 31.03.2018.

The Corporate Debtor admitted its liability in its reply.

The Corporate Debtor had approached Kotak Mahindra Bank for a loan to settle the dues of the Financial Creditor.

The Financial Creditor sent a notice under Section 13(2) of the SARFAESI Act, 2002.

…

## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the I&B Code is …

**Ratio:** The application is complete and has

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**Reasoning:** The documents submitted by

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**Interpretation:** The Adjudicating Authority found that the application met the requirements of

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**Application:** The application was

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## Parties

- **Judges:** RAJESH S…; KISHORE VEMULAPALL…
- **Appellants:** Vidya Sahakari…
- **Respondents:** Supertharrm…
- **Other parties:** Sunil Gajanan…
- **Advocates:** Omkar Deva…; Shyam Ka…

## Timeline

- **30.12.2017 — Date of D…**: The Date of Default as mentioned…
- **31.03.2018 — NPA Classif…**: The date of classification of the Corporate Debtor as a Non-Performing Asset (NPA) on…

## 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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