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

> NCLT judgment dated 2025-11-28. Citation: TCN-2025-NCLT-01821. 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-01821
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/crew-bos-products-limited-3dca1d73

## 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.

## Facts

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

Crew B.O.S Products Limited defaulted on its payment obligations and was classified as NPA by various lenders.

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 is represented through its official Liquidator.

The Hon'ble Delhi High Court had previously initiated winding-up proceedings against the Corporate Debtor and appointed an official liquidator.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC …

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

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**Reasoning:** The Hon'ble Delhi High Court, in its order dated 14.03.2014 in CO.PET.52/2013,

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**Interpretation:** The amount involved in the present case should be considered as a Financial

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**Application:** The application under Section 7

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## Parties

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

## Timeline

- **2025-11-28 — Order Pron…**: Order pronounced admitting…
- **2011-09-28 — NPA Date…**: IDBI Bank classified the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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