# In the matter of SONALI EXIM PRIVATE LIMITED

> NCLT judgment dated 2025-12-08. Citation: TCN-2025-NCLT-01780. Siemens Financial Services Private Limited filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 8 Dec 2025
- **Citation:** TCN-2025-NCLT-01780
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/sonali-exim-private-limited-325ba259

## 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 as per the sanction letter dated 31.01.2024.

A finance agreement was executed on 06.02.2024.

Sonali Exim Private Limited defaulted in making the payment of the monthly installment due on 07.06.2024.

Siemens Financial Services Private Limited recalled all the sanctioned facilities by issuing a notice on 01.08.2024.

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

The loan was to be repaid over 60 months at an interest rate of 14.5% per annum.

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

The Respondent was duly served with notices but did not file a Vakalatnama or any reply.

…

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016, for initiating …

**Ratio:** The application is maintainable under Section 7 of the IBC if a default has occurred and

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**Reasoning:** The Applicant has provided the hypothecation agreement, the sanction letter, and records

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**Interpretation:** Section 7 allows a financial creditor to initiate CIRP upon the occurrence of a

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**Application:** The application was filed under Section 7 of the IBC, and the applicant has

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## 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 execution of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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