# Punjab National Bank vs. M/s SVOGL Oil Gas and Energy Limited

> NCLT judgment dated 2026-10-07. Citation: TCN-2026-NCLT-01199. Punjab National Bank (PNB), a financial creditor, filed a petition under Section 7 of the IBC,…

- **Court:** NCLT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLT-01199
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/svogl-oil-gas-and-energy-limited-8y5oy

## Summary

### Background

Punjab National Bank (PNB), a financial creditor, filed a petition under Section 7 of the IBC, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s SVOGL Oil Gas and Energy Limited (Corporate Debtor). The Corporate Debtor was previously undergoing winding-up proceedings initiated by another financial creditor, Citicorp International Limited, before the Delhi High Court since 2013, and an official liquidator was appointed in 2017. The Delhi High Court transferred the winding-up matter to the NCLT in 2023, noting that the winding-up had not reached an irreversible stage and some assets had been sold. PNB, along with other banks, had extended significant credit facilities to the Corporate Debtor since 2006, which later became a Non-Performing Asset

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## Facts

Punjab National Bank (PNB) filed a petition under Section 7 of the IBC, 2016, against M/s SVOGL Oil Gas and Energy Limited (Corporate Debtor) for Corporate Insolvency Resolution Process (CIRP).

The Corporate Debtor was formerly Shiv-Vani Oil & Gas Exploration Services Ltd., a listed Public Company.

Another financial creditor, Citicorp International Limited, had filed a petition for winding up against the Corporate Debtor under Section 434 of the Companies Act, 1956, before the Delhi High Court in 2013.

The Delhi High Court admitted the Corporate Debtor to winding up on 28.07.2017 and appointed an Official Liquidator, who took possession of the assets.

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## Issues and analysis

### Issue 1: Whether an order admitting the petition can be passed under Section 7 of the IBC at this stage, …

**Ratio:** The Supreme Court in Action Ispat and Power Limited v. Shyam Metalics and Energy Limited

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**Reasoning:** The Delhi High Court, in its transfer order dated 25.07.2023, noted that while some

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**Interpretation:** The sale of "some assets" during winding-up does not automatically

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**Application:** In the present case, despite some asset sales, the winding-up was not

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## Parties

- **Judges:** ANUPINDER SINGH…; RAVINDRA CHATURVED…
- **Appellants:** Punjab National…; Citicorp Internati…
- **Respondents:** M/s SVOGL Oil Gas…; Shiv-Vani Oil &…
- **Other parties:** Committee of…; Padam Si…; +7 more
- **Advocates:** Gopal…; Hashmat…; +4 more

## Timeline

- **2006-05 — Corporate Debtor approaches PNB for credit…**: The Corporate Debtor, through its directors Padam Singhee and Prem Singhee, approached…
- **2006-05-26 — PNB sanctions credit…**: Punjab National Bank sanctioned a term loan, foreign letters of credit, a short-term…

## 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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