# In the matter of Saumya Mining Limited

> NCLT judgment dated 2024-08-20. Citation: TCN-2024-NCLT-00782. IDBI Bank Limited, as the Financial Creditor/Petitioner, filed a petition under Section 7 of…

- **Court:** NCLT
- **Order date:** 20 Aug 2024
- **Citation:** TCN-2024-NCLT-00782
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/saumya-mining-limited-726dfe48

## Summary

### Background

IDBI Bank Limited, as the Financial Creditor/Petitioner, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Saumya Mining Limited, the Corporate Debtor/Respondent, seeking the commencement of the Corporate Insolvency Resolution Process (CIRP). The Financial Creditor claimed a default of Rs. 1,61,10,69,200/- as of May 01, 2023, with the date of default being June 03, 2015. The Corporate Debtor had availed financial assistance from the Financial Creditor, including cash credit and bank guarantee facilities, aggregating to Rs. 32 Crore in 2009, which was later modified. The Corporate Debtor defaulted on payments, leading to the account being classified as NPA on January 30, 2015. The Financial Creditor issued a loan recall notice and

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## Facts

IDBI Bank Limited (Financial Creditor) filed a petition against Saumya Mining Limited (Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The Financial Creditor claimed a default of Rs. 1,61,10,69,200/- as of May 01, 2023, with the date of default being June 03, 2015. The Corporate Debtor had availed financial assistance of Rs. 32 Crore in 2009, later modified in 2010. The Corporate Debtor defaulted on payments, and the account was classified as NPA on January 30, 2015. The Financial Creditor issued a loan recall notice on June 03, 2015, demanding Rs. 37,56,38,847/-. The Corporate Debtor made a payment of Rs. 11,92,638/- after the loan recall notice. The Financial Creditor initiated proceedings under the SARFAESI Act, 2002. The Corporate

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## Issues and analysis

### Issue 1: Whether the present petition is …

**Ratio:** A balance sheet acknowledging debt is a document relevant for calculating the limitation

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**Reasoning:** The Corporate Debtor acknowledged its liability towards the outstanding debt in its

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**Interpretation:** The court interpreted that the entries in the balance sheet amounted to an

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**Application:** The Corporate Debtor's balance sheets from 2017 to 2021 acknowledged the debt,

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** IDBI Bank L…
- **Respondents:** Saumya Mining…

## Timeline

- **2009-12-11 — Financial Assistance…**: Financial Creditor sanctioned cash credit and bank guarantee facilities aggregating to…
- **2010-07-21 — Modification of…**: Financial assistance…

## 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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