# In the matter of SATYA IRON & STEELS PRIVATE LIMITED

> NCLT judgment dated 2025-05-02. Citation: TCN-2025-NCLT-00985. Satya Iron & Steels Private Limited filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 2 May 2025
- **Citation:** TCN-2025-NCLT-00985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/satya-iron-amp-steels-private-limited-f7930efb

## Summary

### Background

Satya Iron & Steels Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP due to its inability to repay debts. Bank of Baroda, being a secured financial creditor, opposed the application, alleging fraudulent intent and seeking dismissal of the application with imposition of penalty under Section 65 of IBC.

## Facts

Satya Iron & Steels Private Limited filed CP (IB) No. 53/CB/2024 under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Applicant was incorporated on 29.08.2006 and is involved in manufacturing Lancing Pipes and Rolling Mill.

The Corporate Applicant defaulted in payment of Rs. 27,12,04,496.93/- to its Financial Creditor and Rs. 37,56,43,198/- to all its Operational Creditors as on 01.08.2024.

Bank of Baroda classified the loan account of the Corporate Applicant as a non-performing asset on 18.06.2024 and initiated proceedings under section 13(2) of the SARFAESI Act, 2002.

The Corporate Applicant submitted OTS proposals to the Bank, which were rejected.

…

## Issues and analysis

### Issue 1: Whether submission of OTS proposals after filing of the section 10 application will attract the …

**Ratio:** The pendency of proceedings under SARFAESI per se won't vitiate an application under

…

**Reasoning:** The NCLT relied on established principles of law and considered the judgments of Hon'ble

…

**Interpretation:** The NCLT interpreted Section 65 of IBC, 2016, which empowers the court to

…

**Application:** The NCLT applied the principles to the facts of the case and concluded that the

…

## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Bank of B…
- **Respondents:** SATYA IRON &…
- **Other parties:** Rajesh S…; Anju Sh…; +2 more
- **Advocates:** Shimarjit…; Rohit G…; +4 more

## Timeline

- **2006-08-29 — Incorpor…**: The Corporate Applicant was incorporated…
- **2024-03-01 — Business Sh…**: The Corporate Applicant was forced to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

---

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-cuttack/satya-iron-amp-steels-private-limited-f7930efb