S G MITTAL ENTERPRISES PVT LTD. THR PRATEEK ANIL MITTAL vs THE SATARA SAHAKARI BANK LTD. AND ORS.

Judgment text excerpt

CP.497.2025.doc Ajay IN THE HIGH COURT OF JUDICATURE AT BOMBAY CIVIL APPELLATE JURISDICTION CONTEMPT PETITION NO.497 OF 2025 S.G. Mittal Enterprises Private Limited .. Petitioner Versus The Satara Sahakari Bank Ltd. and Others .. Respondents ....................  Mr. Amit Singh a/w Ms. Shivani Deshmukh and Ms. Shraddha Nagaonkar i/b M. Mulla Associates, Advocate for Petitioner.  None appears for Respondents. ......…........… CORAM : MILIND N. JADHAV, J. DATE : JANUARY 05, 2026. JUDGMENT: 1. Heard Mr. Singh learned Advocate for Petitioner. None appears for Respondents. 2. The present Contempt Petition is filed by Petitioner against Respondents for breach of Consent Terms filed before the National Company Law Tribunal, Mumbai (for short “NCLT”) in an Application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (for short “IBC”) initiated by Respondent No.1 - Bank i.e. Corporate Debtor against Petitioner. 3. On 11.07.2025, Respondent No.1 – Bank provided a Cash Credit Facility to Petitioner. On 09.08.2023, Respondent No.1 – Bank filed Company Petition (IB) No.1073 (MB) 2023 against Petitioner due to an alleged default. 1 of 16 CP.497.2025.doc 4. Around 09.08.2023 to 13.11.2023, Petitioner and Respondent No.1 – Bank engaged in settlement talks and reached an understanding regarding the repayment of the financial debt. 5. On 04.10.2024, Petitioner and Respondent No.1 – Bank agreed to amicably settle the dispute and thereafter settled it by agreeing to payment of Rs.5,71,07,504/- and in that regard executed and signed the Consent Terms. 6. On 18.04.2024, NCLT took Consent Terms on record and disposed the proceedings filed by Respondent No.1 – Bank against Petitioner vide order dated 18.04.2024 in terms of the Agreement. 7. It is Petitioner’s case that it made pay