# In the matter of CREW B.O.S. PRODUCTS LIMITED

> NCLT judgment dated 2025-11-28. Citation: TCN-2025-NCLT-01778. Prudent ARC Limited, a Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 28 Nov 2025
- **Citation:** TCN-2025-NCLT-01778
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/crew-bos-products-limited-216dfa7f

## Summary

### Background

Prudent ARC Limited, a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Crew B.O.S. Products Limited, the Corporate Debtor. The Corporate Debtor is represented through its official Liquidator.

## Facts

Prudent ARC Limited filed an application under Section 7 of the IBC to initiate CIRP against Crew B.O.S. Products Limited.

The Corporate Debtor is represented through its official Liquidator.

Prudent ARC Limited is an assignee of multiple lenders, including Allahabad Bank, IDBI Bank, Standard Chartered Bank, Citibank N.A., State Bank of India (now EARCL), ICICI Bank (now Phoenix ARC), IFCI Venture Capital Funds Ltd., and Bank of Baroda (now ARCIL).

The Corporate Debtor defaulted in its payment obligations and was classified as NPA by various lenders.

DBS Bank Ltd. had filed a winding-up petition against the Corporate Debtor before the Delhi High Court, and an official liquidator was appointed.

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## Issues and analysis

### Issue 1: Whether the application filed by Prudent ARC …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Reasoning:** The Applicant, Prudent ARC Limited, is a financial creditor holding financial debt in

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**Interpretation:** The prerequisites for an application under Section 7 of the Code are the

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**Application:** The NCLT found that the amount involved in the present case should be

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## Parties

- **Judges:** BACHU VENKAT…; Reena Sinh…
- **Appellants:** Prudent ARC…
- **Respondents:** Crew B.O.S.…
- **Other parties:** Pankaj Ma…; Action Ispat and…; +2 more
- **Advocates:** Gaurav…; Anmol B…; +3 more

## Timeline

- **2025-11-28 — Order Pron…**: Order pronounced by the NCLT admitting the…
- **N/A — Winding-up P…**: DBS Bank Ltd. filed a winding-up petition bearing Company Petition No. 52/2013 before the…

## 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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