# In the matter of NARMADA EXTRUSIONS LIMITED

> NCLT judgment dated 2026-03-13. Citation: TCN-2026-NCLT-00214. Central Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 13 Mar 2026
- **Citation:** TCN-2026-NCLT-00214
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/narmada-extrusions-limited-c92f7b6e

## Summary

### Background

Central Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Narmada Extrusions Limited due to a default in payment of financial debts amounting to Rs. 95,31,92,434/- as of 14.11.2024.

## Facts

Central Bank of India filed a petition under Section 7 of the IBC to initiate CIRP against Narmada Extrusions Limited.

The claimed default amount is Rs. 95,31,92,434/- as of 14.11.2024.

The Financial Creditor issued a notice dated 02.03.2024 under Section 13(2) of the SARFAESI Act, 2002.

The Corporate Debtor requested and was granted a 'holding-on operations' facility by the Financial Creditor vide letter dated 29.06.2024.

The Corporate Debtor submitted 4 restructuring proposals to the Applicant Bank.

The Corporate Debtor was classified as Non-Performing Asset (NPA) on 28.02.2024.

The Financial Creditor has placed on record certified statements of account, documentary evidence of loan transactions, and the certificate issued under the Bankers' Books Evidence Act.

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## Issues and analysis

### Issue 1: Whether a financial debt exists and …

**Ratio:** The Hon'ble Supreme Court in Innoventive Industries Ltd. v. ICICI Bank Ltd. (2018) 1 SCC

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**Reasoning:** The Adjudicating Authority examined the loan documents, account statements, and other

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**Interpretation:** The existence of a financial debt and the occurrence of a default are

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**Application:** The Adjudicating Authority found that the Corporate Debtor had availed

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## Parties

- **Judges:** Brajendra Mani…; Man Mohan…
- **Appellants:** Central Bank of…
- **Respondents:** Narmada Extrusions…
- **Other parties:** Kuldeep…
- **Advocates:** Shantanu Ch…; Rohit D…

## Timeline

- **2024-11-14 — Default…**: Default in payment of financial debts…
- **2024-02-28 — NPA Classif…**: The loan account of the Corporate Debtor was…

## 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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