# In the matter of Saber Paper Board Pvt. Ltd. CP (IB) No. 376-Chd-Pb-2018

> NCLT judgment dated 2020-01-07. Citation: TCN-2020-NCLT-02466. State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 7 Jan 2020
- **Citation:** TCN-2020-NCLT-02466
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/saber-paper-board-pvt-ltd-cp-ib-no-376-chd-pb-2018-8718d338

## Summary

### Background

State Bank of India (SBI) filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against Saber Paper Board Pvt. Ltd. SBI claimed a default of ₹147,34,28,079 as of 30.09.2018, calculated from 30.01.2013 (NPA date). The petition was supported by documents including account statements, certificates under the Banker's Books Evidence Act, and a notice under Section 13(2) of the SARFAESI Act. Saber contested the petition, arguing that SBI was charging further interest on penal interest and liquidated damages, the application lacked proper authorization, and the bank was required to carry out restructuring as per a TEV report.

## Facts

State Bank of India (SBI) filed a petition to initiate Corporate Insolvency Resolution Process (CIRP) against Saber Paper Board Pvt. Ltd. under Section 7 of the Insolvency and Bankruptcy Code, 2016. SBI claimed a default of ₹147,34,28,079 as of 30.09.2018, with the date of default being 30.01.2013 (NPA date). The petition was filed based on the financial debt owed by Saber to SBI. The petition was signed by Shri Kailash Chander, Assistant General Manager (AGM) of SBI. Saber Paper Board Pvt. Ltd. contested the petition, arguing that the statement of account produced by SBI was not in accordance with the law, SBI was charging further interest on penal interest and liquidated damages, the application lacked proper authorization, and the bank was required to carry out

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 was filed with …

**Ratio:** Section 7(3)(b) of the Code requires the financial creditor to furnish the name of the

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**Reasoning:** The NCLT found that Shri Kailash Chander, AGM of SBI, was authorized to file the

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**Interpretation:** The court interpreted Section 7(3)(b) and Regulation 76 (1) to mean that the

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**Application:** The court applied the ratio to the facts by finding that Shri Kailash Chander,

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Appellants:** State Bank of…
- **Respondents:** Saber Paper Board…; M/s Saber Paper…

## Timeline

- **2013-01-30 — NPA Date…**: The account of Saber Paper Board Pvt. Ltd. was…
- **2013-06-13 — Revival L…**: Saber Paper Board Pvt. Ltd. issued a revival…

## 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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