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

> NCLT judgment dated 2026-10-07. Citation: TCN-2026-NCLT-01105. 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-01105
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/svogl-oil-gas-and-energy-limited-th8yy

## 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, in 2013 under the Companies Act, 1956. The Delhi High Court had admitted the CD to winding up on July 28, 2017, and appointed an Official Liquidator. Subsequently, the High Court transferred the winding-up matter to the National Company Law Tribunal (NCLT) on July 25, 2023, noting that the winding-up had not reached an advanced or irreversible stage.

## 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 Limited (Corporate Debtor/CD).

The CD 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 (Company Petition 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 July 28, 2017, and appointed an Official Liquidator, who took possession of the CD's assets.

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## Issues and analysis

### Issue 1: Whether a petition under Section 7 of the IBC can be admitted at a stage where the Corporate Debtor …

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

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**Reasoning:** The Delhi High Court, in its order dated July 25, 2023, transferring the matter to the

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**Interpretation:** The 'irreversible stage' in winding-up proceedings is reached only when actual

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**Application:** In the present case, despite some assets having been sold, the High Court

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## Parties

- **Judges:** ANUPINDER SINGH…; RAVINDRA CHATURVED…
- **Appellants:** Punjab National…
- **Respondents:** M/s SVOGL Oil Gas…; Shiv-Vani Oil &…
- **Other parties:** Committee of…; Padam Si…; +8 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 — Sanction of 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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