IN THE NATIONAL COMPANY LAW TRIBUNAL KOLKATA BENCH-II KOLKATA Date of Order: 27/02/2026 In the Matter of:

PUNJAB NATIONAL BANK, A body Corporate, constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1970 having its Corporate Office at Plot No.4, Sector -10, Dwarka, New Delhi-110075 and carrying on its banking business inter-

alia from its Baisakhi Branch situated at BF-162, Salt Lake City, Sector-I, Kolkata-

700 064 under P.S.-Bidhannagar, under Zonal SASTRA Office at United towers, 3d Floor, 11, Hemanta Basu Sarani, Kolkata 700 001, P.S.- Hare Street.

APPLICANT/FINANCIAL CREDITOR Versus M/S.SIDDHI VINAYAK HIMGHAR(P) LIMITED (CIN NO. U63030WB2017PTC2199336)

A Company incorporated under the Companies Act,1956, having its registered office at CF-70, Sector-1, Salt Lake City, Kolkata, West Bengal- 700 064.

CORPORATE DEBTOR Coram: Labh Singh Hon’ble Member(Judicial)

Rekha Kantilal Shah Hon’ble Member(Technical)

Present:

O R D E R

Labh Singh Member(Judicial)

1. The Punjab National Bank, the Financial Creditor has filed the instant application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (hereinafter to be referred as “the IBC Code”) read with rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (for brevity ‘the Rules’) with a prayer to trigger Corporate Insolvency Resolution Process in respect of respondent Company, M/S Siddhi Vinayak Himghar Pvt. Ltd, (hereinafter to be referred to as “the corporate debtor”).

2. It is appropriate to mention that the applicant Bank is a Financial Creditor constituted under the Banking Companies(Acquisition and Transfer of Undertaking) Act, 1970 having its head office at Dwarka, New Delhi and carrying on its Banking business inter-alia from its Singur Branch at Ashutosh Pada Sarani, Station Road, Hooghly under Zonal SASTARA Office at United Towers, 3^rd Floor, 11, Hemanta Basu Sarani, Kolkata. The present application has been filed through Sh. Jay Shankar Kumar, Chief Manager, Sastra Division, Zonal Office Kolkata for initiation of insolvency resolution process against the respondent under the IBC Code. A copy of the letter of Authority dated 18.06.2024 Annexure-1-A has been placed on record.

3. The Corporate Debtor against whom initiation of Corporate Insolvency Resolution Process has been prayed for, was incorporated on 07.02.2017 having its registered office situated at CF-70 Sector 1, Salt Lake City, Kolkata, West Bengal. Since the registered office of the respondent Corporate Debtor is situated at Kolkata, this Tribunal having territorial jurisdiction over the NCT of Kolkata is the Adjudicating Authority in relation to the prayer for initiation of Corporate Insolvency Resolution Process(CIRP) in respect of respondent Corporate Debtor under sub-section (1) of Section 60 of the Code.

4. The factual matrix of the present case is that Corporate Debtor approached erstwhile United Bank of India, presently merged with the Financial Creditor for sanction of diverse credit facilities for potato season 2013. Considering the request, the financial creditor, as per terms and condition of Sanction letter dated 22.10.2017, sanctioned diverse credit facilities for an overall limit of Rs.9.71 crores which includes Term Loan of Rs. 4.23 crores, Seasonal Cash Credit(Season 2017) of Rs. 3.25 crores, Seasonal Working Capital Loan of Rs. 1.00 Crores and Bank Guarantee of Rs. 0.21 crores. The Term Loan was availed for purchasing assets of an existing cold storage namely M/s Ma Mangala Gauri Cold Storage Private Limited, cash credit for on lending of farmers and working capital for day to day operation business of the cold storage.

4.1. That in consideration of sanction of overall credit limit of Rs.9.71 crores by the financial creditor bank, and also to secure the amount outstanding under the said facilities, the Corporate Debtor through its representative Mr. Raja Chakraborty attended the Branch Office on 23.03.2017 and executed loan and se