# Small Industries Development Bank of India vs. G & L Profile And Equipments Pvt Ltd

> NCLT judgment dated 2026-08-04. Citation: TCN-2026-NCLT-00785. Small Industries Development Bank of India (SIDBI), a Financial Creditor, filed a petition…

- **Court:** NCLT
- **Order date:** 4 Aug 2026
- **Citation:** TCN-2026-NCLT-00785
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/small-industries-development-bank-of-india-vs-g-l-profile-and-equipments-pvt-ltd-764ex

## Summary

### Background

Small Industries Development Bank of India (SIDBI), a Financial Creditor, filed a petition under Section 7 of the IBC, 2016, against G & L Profile And Equipments Pvt Ltd, the Corporate Debtor, for initiating Corporate Insolvency Resolution Process (CIRP). The petition was based on a default of Rs. 3,71,16,512.59 as of 10.12.2025, with the date of default being 03.01.2025, arising from a term loan sanctioned under the 4E financing Scheme.

## Facts

Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the IBC, 2016, against G & L Profile And Equipments Pvt Ltd.

The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor.

The total amount in default is Rs. 3,71,16,512.59/- as on 10.12.2025.

The date of default is 03.01.2025.

SIDBI, the Financial Creditor, sanctioned term loan facilities of Rs. 505.85 lakhs under the 4E-Financing Scheme.

The Corporate Debtor passed a Resolution on 30.11.2023, accepting the terms and conditions of the financial assistance.

A Term Loan Hypothecation Agreement was executed on 01.12.2023, creating a first charge on the Corporate Debtor's plant, machinery, and movable assets.

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the IBC, 2016, for …

**Ratio:** An application under Section 7 of the IBC is maintainable if a financial debt and default

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**Reasoning:** The Financial Creditor, SIDBI, provided evidence of a sanctioned term loan, its

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**Interpretation:** The NCLT interpreted Section 7 of the IBC, 2016, to mean that once the

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**Application:** Given the clear evidence of debt and default, and the application being within

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Small Industries…
- **Respondents:** G & L Profile And…
- **Other parties:** Manish Kumar…
- **Advocates:** Vishal…; K S Sunil…

## Timeline

- **2023-11-27 — Letter of Inte…**: Letter of intent issued for sanction of Rs.…
- **2023-11-30 — Corporate Debtor…**: Corporate Debtor passed a Resolution accepting the terms of sanction for financial…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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