# In the matter of Mansa Print & Publisher Limited CP (IB) No.19-Chd-CHD-2018

> NCLT judgment dated 2019-02-28. Citation: TCN-2019-NCLT-04637. The case involves an application filed by Small Industries Development Bank of India (SIDBI)…

- **Court:** NCLT
- **Order date:** 28 Feb 2019
- **Citation:** TCN-2019-NCLT-04637
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/mansa-print-publisher-limited-cp-ib-no19-chd-chd-2018-23aa8201

## Summary

### Background

The case involves an application filed by Small Industries Development Bank of India (SIDBI) under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process against Mansa Print & Publishers Limited, the corporate debtor. SIDBI, the financial creditor, claimed that the corporate debtor defaulted on its loan repayments. The corporate debtor argued that SIDBI had already initiated recovery proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993 (RDB Act), and therefore, parallel proceedings under the IBC were not permissible. The corporate debtor also contended that SIDBI had not complied with RBI guidelines for restructuring the loan. The corporate debtor had also made a reference

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## Facts

Small Industries Development Bank of India (SIDBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Mansa Print & Publishers Limited, the corporate debtor. SIDBI had sanctioned various credit facilities to the corporate debtor, including term loans. The corporate debtor defaulted on its repayment obligations. SIDBI issued a Letter of Intent and sanctioned a loan of ₹439 lakhs, including the takeover of existing term loans from State Bank of Patiala and a fresh loan of ₹900 lakhs. The total term loan amounted to ₹1339 lakhs. The corporate debtor passed a resolution accepting the terms of the loan. SIDBI later issued a revised sanction letter for a fresh term loan of ₹550 lakhs. The corporate debtor executed various loan

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## Issues and analysis

### Issue 1: Whether the pendency of proceedings under the Recovery of Debts Due to Banks and Financial …

**Ratio:** The IBC has an overriding effect over other laws, including the RDB Act, as per Section

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**Reasoning:** The NCLT relied on the Hon'ble Supreme Court's judgment in Innoventive Industries Limited

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**Interpretation:** The IBC is a special law that overrides other laws, including the RDB Act, to

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**Application:** The NCLT held that the pendency of the Original Application (OA) filed by SIDBI

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Appellants:** Small Industries…
- **Respondents:** Mansa Print &…

## Timeline

- **1990-04-02 — SIDBI Incorp…**: Small Industries Development Bank of India (SIDBI) was incorporated under the Act of…
- **2003-08-05 — Corporate Debtor…**: Mansa Print & Publishers Limited…

## Legal provisions

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

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