Admission of SBI’s ₹178 Cr Insolvency Plea as winding-up proceedings couldn’t override revival under IBC

Synchronise Scientific Glass Works Pvt. Ltd. Vs Martina Bio Genics Private Limited (NCLT Kolkata) Conclusion:  Section 7 insolvency application filed by State Bank of India (SBI) was admitted against Martina Bio Genics Private Limited and held that pending winding-up proceedings could not override the objective of corporate revival under the Insolvency and Bankruptcy Code, 2016 (IBC). Held: The Corporate Debtor Martina Bio Genics had availed credit facilities from the Applicant State Bank of India, the said credit facilities had been reviewed, renewed and enhanced from time to time. Pursuant ...