# In the matter of Yashwant Dugdh Prakriya Private Limited

> NCLT judgment dated 2025-11-26. Citation: TCN-2025-NCLT-01728. Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 26 Nov 2025
- **Citation:** TCN-2025-NCLT-01728
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/yashwant-dugdh-prakriya-private-limited-0f03fc98

## Summary

### Background

Axis Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Yashwant Dugdh Prakriya Limited, citing a default of Rs. 11,22,18,723/- as of 31.03.2022.

## Facts

Axis Bank Limited, the Financial Creditor, filed C.P. (IB) No.707/MB/2022 on 07.06.2022 under Section 7 of the IBC against Yashwant Dugdh Prakriya Limited.

The amount claimed to be in default as on 31.03.2022 is Rs. 11,22,18,723/-.

The Corporate Debtor's loan account was classified as NPA on 01.05.2020, with the date of default later amended to 01.02.2020.

Axis Bank had sanctioned credit facilities to Yashwant Dugdh Prakriya Limited, including cash credit and term loan facilities.

The Corporate Debtor argued that the default date fell within the COVID-19 moratorium period and that the application was barred by Section 10A of the IBC.

The Applicant proposed Mr. Krishna Chamadia as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable given the Corporate Debtor's …

**Ratio:** Section 10A of the IBC suspends the initiation of CIRP for defaults occurring on or after

…

**Reasoning:** The NCLT determined that the amended date of default was 01.02.2020, which falls outside

…

**Interpretation:** Section 10A does not apply to defaults

…

**Application:** Since the default date was determined to be 01.02.2020, Section 10A was not

…

## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Axis Bank L…; AXIS…
- **Respondents:** Yashwant Dugdh…
- **Other parties:** Satyajit Shivajira…; Krishna Ch…
- **Advocates:** Surabh Ni…; Apurv…; +3 more

## Timeline

- **2022-06-07 — Application…**: Axis Bank Limited filed C.P. (IB)…
- **2025-11-26 — Order Pron…**: The NCLT pronounced the order admitting the application and initiating CIRP against…

## 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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