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

> NCLT judgment dated 2026-10-07. Citation: TCN-2026-NCLT-01159. Punjab National Bank (PNB), a financial creditor, filed a petition under Section 7 of the…

- **Court:** NCLT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLT-01159
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/svogl-oil-gas-and-energy-limited-mrnfx

## Summary

### Background

Punjab National Bank (PNB), a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s SVOGL Oil Gas and Energy Limited (Corporate Debtor/CD). The CD was already undergoing winding-up proceedings initiated by another financial creditor, Citicorp International Limited, under the Companies Act, 1956, since 2013, with an official liquidator appointed in 2017. The Delhi High Court transferred this winding-up matter to the National Company Law Tribunal (NCLT) in 2023. PNB's loan account with the CD was classified as a Non-Performing Asset (NPA) in 2016, and PNB had initiated recovery proceedings before the Debts Recovery Tribunal (DRT). The Official Liquidator, representing the CD, did not object to the initiation of

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## Facts

Punjab National Bank (PNB) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against M/s SVOGL Oil Gas and Energy Ltd. (Corporate Debtor/CD).

The Corporate Debtor was formerly known as Shiv-Vani Oil & Gas Exploration Services Ltd. and is a listed Public Company.

Citicorp International Limited, another financial creditor, had filed a petition (CP No. 446/2013) under Section 434(e), (f) of the Companies Act, 1956, to initiate winding-up proceedings against the CD in 2013.

The Delhi High Court admitted the CD to winding up on 28.07.2017 and appointed an official liquidator, who took possession of the CD's assets.

The Delhi High Court, vide order dated 25.07.2023, transferred the winding-up matter to the NCLT.

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## Issues and analysis

### Issue 1: Whether a petition under Section 7 of the IBC can be admitted against a Corporate Debtor already …

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

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**Reasoning:** In the present case, the NCLT observed that the winding-up proceedings were not at an

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**Interpretation:** The 'irreversible stage' in winding-up proceedings is characterized by actual

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**Application:** Since no irreversible steps, such as the actual sale of all assets, had been

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## Parties

- **Judges:** ANUPINDER SINGH…; RAVINDRA CHATURVED…
- **Appellants:** Punjab National…
- **Respondents:** M/s SVOGL Oil Gas…; Shiv-Vani Oil &…
- **Other parties:** Padam Si…; Prem Si…; +7 more
- **Advocates:** Gopal…; Hashmat…; +5 more

## Timeline

- **2006-05 — Approach 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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