Authority: National Company Law Tribunal, Kolkata Bench (Court No.-II)
Order Date: 22 June 2026
Case Overview
The State Bank of India (Financial Creditor) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 against M/s Bhubaneshwari Sea Food Private Limited (Corporate Debtor) for recovery of outstanding dues amounting to ₹10,01,97,424.35. The Corporate Debtor, incorporated on 27.05.2015 (CIN: U05004WB2015PTC206490), had availed multiple credit facilities from SBI starting in 2020, which were periodically renewed and enhanced through various agreements including Letters of Arrangement, Loan cum Hypothecation agreements, and Guarantee agreements dated between May 2020 and June 2022.
The credit facilities were further enhanced vide sanction letter dated 30.12.2023, providing total limits of ₹14.32 crore (₹13.02 crore fund-based and ₹1.30 crore non-fund based). The Corporate Debtor failed to repay the loan as per agreed terms, leading SBI to declare the account as a Non-Performing Asset (NPA) as per RBI guidelines, with the date of default ascertained as 26.07.2024. SBI issued a notice under Section 13(2) of SARFAESI Act on 30.12.2024 and filed a recovery application before DRT-Kolkata on 16.05.2025 before approaching NCLT.
The Corporate Debtor was served notice both electronically and physically but failed to appear, leading the Tribunal to proceed ex parte against them vide order dated 23.02.2026. The Financial Creditor submitted certified account statements and Banker's Certificate as evidence of debt and default.
Final Outcome
The NCLT admitted the petition (CP (IB) No. 244/KB/2025) and initiated Corporate Insolvency Resolution Process (CIRP) against Bhubaneshwari Sea Food Private Limited. The Tribunal imposed moratorium under Section 14(1) of IBC, prohibiting: institution/continuation of legal proceedings against Corporate Debtor; transfer of assets; enforcement of security interest; recovery of property by owners/lessors; and termination of essential goods/services.
Tripti Agarwal (Registration No. IBBI/IPA-001/IP-P02809/2023-2024/14316) was appointed as Interim Resolution Professional. SBI was directed to pay ₹3,00,000 to the IRP for CIRP costs as per Regulation 33(3) of IBBI Regulations. The IRP must make public announcement within three days and submit periodical progress reports. The matter is posted for next hearing on 10.08.2026 for filing progress report.
Topics: Corporate Insolvency, Banking NPA, Debt Recovery