# In the matter of Samtel Color & Ors. CP No. (IB)-132 (PB)-2017

> NCLT judgment dated 2017-09-07. Citation: TCN-2017-NCLT-00448. Punjab National Bank (PNB), the Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 7 Sept 2017
- **Citation:** TCN-2017-NCLT-00448
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/samtel-color-ors-cp-no-ib-132-pb-2017-45a4d011

## Summary

### Background

Punjab National Bank (PNB), the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against Samtel Color & Ors., the Corporate Debtor. The application was filed due to the Corporate Debtor's failure to repay its debts. The Corporate Debtor had availed various credit facilities from PNB and other banks under a consortium arrangement. PNB claimed a total amount of Rs. 236,20,17,559.29/- as of 14.01.2016. The Corporate Debtor had also made a reference to the Board for Industrial and Financial Reconstruction (BIFR) under the Sick Industrial Companies Act (SICA), which was registered in October 2012. The Corporate Debtor argued that PNB had not taken

…

## Facts

Punjab National Bank (PNB) filed an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Samtel Color & Ors. PNB claimed to be a Financial Creditor of Samtel Color & Ors., which is the Corporate Debtor. The Corporate Debtor had availed various credit facilities from PNB and other banks under a consortium arrangement. The details of the financial debt, including the amount claimed, dates of sanction and disbursement, and security created in favor of PNB, were provided in the application. The Corporate Debtor's identification number is L51909DL1986PLC024222, and its date of incorporation is 16.06.1986. The Corporate Debtor's nominal share capital is Rs. 175,00,00,000/-

…

## Issues and analysis

### Issue 1: Whether the application filed by Punjab National Bank under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

…

**Reasoning:** The court considered the provisions of Section 7 of the IBC and the requirements for

…

**Interpretation:** Section 7 of the IBC provides the legal framework for a financial creditor to

…

**Application:** The court found that PNB had filed a complete application under Section 7 of

…

## Parties

- **Judges:** M. M. K…; DeepaKr…
- **Appellants:** Punjab National…
- **Respondents:** Samtel Color…; Samtel Colo…

## Timeline

- **1970-01-01 — Banking Compa…**: The 'PNB-Financial Creditor' is a body corporate constituted by the Banking Companies…
- **1986-06-16 — Corporate Debtor…**: Date of incorporation of…

## 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-chandigarh/samtel-color-ors-cp-no-ib-132-pb-2017-45a4d011