# In the matter of SWAMINARAYAN DIAMONDS PRIVATE LIMITED

> NCLT judgment dated 2025-09-11. Citation: TCN-2025-NCLT-01354. Canara Bank filed an application under Section 7 of the IBC to initiate CIRP against…

- **Court:** NCLT
- **Order date:** 11 Sept 2025
- **Citation:** TCN-2025-NCLT-01354
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/swaminarayan-diamonds-private-limited-ef58e9d3

## Summary

### Background

Canara Bank filed an application under Section 7 of the IBC to initiate CIRP against Swaminarayan Diamonds Private Limited due to a default of Rs. 49,82,39,199.81/- as of 30.11.2024. The corporate debtor (CD) contested the application on grounds of inconsistent default dates, non-compliance with MSME revival framework, and alleged misuse of IBC.

## Facts

Canara Bank filed C.P. (IB) No.333/MB/2025 on 16.01.2025 under Section 7 of the IBC against Swaminarayan Diamonds Private Limited.

The claimed default amount as of 30.11.2024 was Rs. 49,82,39,199.81/-.

The applicant proposed Ms. Megha Agrawal as the Interim Resolution Professional (IRP).

The CD initially sanctioned working capital and term loan facilities between 2013 and 2019.

The CD created a first charge (hypothecation) over its stock of goods and receivables worth Rs. 40 Crores.

The CD was classified as a Non-Performing Asset (NPA) on 05.07.2024.

The applicant relied on the judgement of Dena Bank v. Shivkumar Reddy to amend its Form-1 regarding the date of default.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable given the alleged …

**Ratio:** The Hon'ble NCLAT and Supreme Court have clarified that the NPA date may be treated as

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**Reasoning:** The tribunal found that the applicant had established the correct dates of default with

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**Interpretation:** Inconsistencies in the initial date of default do not render the application

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**Application:** The tribunal rejected the CD's objection regarding the inconsistent default

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Canara Bank…; Canara…
- **Respondents:** Swaminarayan…
- **Other parties:** Deepak…; Megha Ag…; +11 more
- **Advocates:** Yash Dh…; Ruchita…; +2 more

## Timeline

- **16.01.2025 — Application…**: Canara Bank filed C.P. (IB)…
- **30.11.2024 — Default…**: The claimed default amount as of…

## 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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