# In the matter of SONALI EXIM PRIVATE LIMITED

> NCLT judgment dated 2025-12-08. Citation: TCN-2025-NCLT-01791. Siemens Financial Services Private Limited filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 8 Dec 2025
- **Citation:** TCN-2025-NCLT-01791
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/sonali-exim-private-limited-08eacd70

## Summary

### Background

Siemens Financial Services Private Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Sonali Exim Private Limited.

## Facts

Siemens Financial Services Private Limited granted a term loan facility of Rs. 4,61,91,690/- to Sonali Exim Private Limited.

The Corporate Debtor defaulted in making the payment of monthly installments due on 07.06.2024.

The outstanding amount as of 31.07.2024 was Rs. 5,00,02,974/- along with interest and other charges.

The Applicant nominated MVK IPE LLP as the Interim Resolution Professional (IRP).

The Respondent was served with notices but did not file a reply.

The loan was sanctioned on 01.08.2024, and a default notice was issued by the Applicant.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

…

**Reasoning:** The applicant, being a financial creditor, has demonstrated the existence of a debt and a

…

**Interpretation:** The application meets the

…

**Application:** The application is maintainable as the applicant is a financial creditor, and a

…

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Siemens Financial…
- **Respondents:** Sonali Exim…
- **Other parties:** MVK IPE…
- **Advocates:** Vishal…

## Timeline

- **2024-01-31 — Sanction Lett…**: Date of the sanction letter…
- **2024-02-06 — Finance Agreem…**: Date of the finance agreement executed between…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-ahmedabad/sonali-exim-private-limited-08eacd70