Case Details

  • Case Name: Punjab National Bank vs. M/s Virgo Cements Ltd.
  • Court/Authority: National Company Law Tribunal (NCLT), Guwahati Bench
  • Case Number: IA(IBC)/7/GB/2025 In CP(IB)/120/GB/2018
  • Date of Hearing: 20th May 2026
  • Law Under Which Filed: Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016

Parties Involved

  • Petitioner/Applicant: Punjab National Bank
  • Respondent: M/s Virgo Cements Ltd.
  • Other Relevant Entity: Indian Bank is mentioned as a party that has stated its position before the Debt Recovery Tribunal (DRT).
  • Representation for Petitioner: Mr. Karan Borad, Advocate
  • Representation for Respondent: Ms. M. Kumari, Advocate and Mr. Kamal Agarwal, Advocate
  • Presiding Members: Hon'ble Member (Judicial), Shri Rammurti Kushawaha and Hon'ble Member (Technical), Shri Yogendra Kumar Singh

Issues / Allegations / Violations

The primary matter is an application filed under Section 7 of the IBC, 2016 by Punjab National Bank against Virgo Cements Ltd. for the initiation of Corporate Insolvency Resolution Process (CIRP). The original petition (CP(IB)/120/GB/2018) was filed in 2018. The specific allegations or details of the financial default are not elaborated upon in this particular order.

Findings & Observations

The order does not contain any findings or observations on the merits of the case. It is a procedural order recording the submissions made during the hearing.

Penalties / Settlements / Directions

No penalties, settlements, or directions were issued in this order. The matter was adjourned.

Corrective Actions & Future Obligations

No corrective actions or future obligations were stipulated in this order.

Final Ruling & Enforcement

The Tribunal did not issue a final ruling on the main application. The proceeding was adjourned based on a submission from the respondent's counsel. The matter has been listed for further consideration on 8th July 2026. The reason for the adjournment is to allow time for the filing of a certified copy of an order from the Debt Recovery Tribunal (DRT). The respondent's counsel submitted that in the DRT proceedings, Indian Bank (referred to as 'one of the Applicants') has stated that it is satisfied with a Resolution Plan concerning Virgo Cements Ltd.