# In the matter of SS ALUMINIUM PRIVATE LIMITED

> NCLT judgment dated 2025-09-09. Citation: TCN-2025-NCLT-01342. Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 9 Sept 2025
- **Citation:** TCN-2025-NCLT-01342
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-cuttack/ss-aluminium-private-limited-f0f2c470

## Summary

### Background

Canara Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/S. S.S. ALUMINIUM PRIVATE LIMITED due to a default amount of Rs. 15,88,33,394.26.

## Facts

Canara Bank sanctioned credit facilities to M/S. S.S. ALUMINIUM PRIVATE LIMITED, including cash credit and term loans, for the modernization and expansion of its aluminium plant.

The respondent requested and received additional loans and increases in credit facilities from the financial creditor.

The respondent failed to pay installments and defaulted on interest payments, leading to the loan accounts being classified as Non-Performing Assets (NPA) on 11.05.2021.

The Financial Creditor initiated proceedings under the SARFAESI Act, 2002, and issued notices for sale/auction of mortgaged properties.

The respondent submitted One Time Settlement (OTS) proposals, acknowledging liability towards the outstanding debt.

…

## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The application is maintainable if a financial debt exists and the corporate debtor has

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**Reasoning:** The Tribunal found that the Financial Creditor had disbursed loans to the respondent, and

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**Interpretation:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a

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**Application:** The Tribunal applied Section 7 of the IBC and admitted the application, finding

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## Parties

- **Judges:** Deep Chandr…; Banwari Lal…
- **Appellants:** Canara…
- **Respondents:** M/S. S.S.…
- **Other parties:** Suresh Chandra…
- **Advocates:** Supriyo Ranjan…; Nalini Kant…

## Timeline

- **2024-04-10 — Application…**: Canara Bank filed the…
- **2025-01-10 — IA Allow…**: The Tribunal allowed the Interlocutory Application (IA) No. 275/CB/2024 filed by the…

## 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)

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