Bank of India Vs Sunbeam Dealers Private Limited (NCLT Kolkata)
In the matter of , the National Company Law Tribunal (NCLT), Kolkata Bench, considered a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Bank of India seeking initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor for default in repayment of financial debt amounting to Rs. 17.54 crore as on 17.10.2025.
The Tribunal noted that notices had earlier been issued to the Corporate Debtor directing it to file its reply. Despite service through speed post and dasti service, no appearance was made on behalf of the Corporate Debtor. An official of the Bank also visited the registered office of the Corporate Debtor on 16.04.2026 and found another company operating from the premises. The order of the Tribunal was thereafter served upon the Director of the Corporate Debtor, who acknowledged receipt. As no reply was filed, the matter proceeded ex parte.
According to the Financial Creditor, the Corporate Debtor was incorporated under the Companies Act, 2013 and was engaged in the wholesale business of textiles, clothing, and footwear. The Bank submitted that the Board of Directors of the Corporate Debtor had passed a resolution on 25.09.2014 authorising borrowing from the Bank through its Director. Pursuant to this, the Bank sanctioned a cash credit facility of Rs. 2.50 crore on 26.09.2014 for business operations. The Corporate Debtor executed the required loan and security documents, including a Demand Promissory Note dated 26.09.2014 promising repayment with interest.
