# Central Bank of India vs. M/S. HANUNG FURNISHINGS PRIVATE LIMITED

> NCLT judgment dated 20 Nov 2025. Citation: TCN-2025-NCLT-01839. The case pertains to a petition filed by Central Bank of India, a Financial Creditor, under…

- **Court:** NCLT
- **Order date:** 20 Nov 2025
- **Citation:** TCN-2025-NCLT-01839
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/central-bank-of-india-vs-ms-hanung-furnishings-private-limited-0566b51c

## Summary

### Background

The case pertains to a petition filed by Central Bank of India, a Financial Creditor, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Hanung Furnishing Private Limited, the Corporate Debtor, due to default in payment of a principal amount of Rs. 189,18,63,774/-.

## Facts

Central Bank of India filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016.

The petition seeks to initiate Corporate Insolvency Resolution Process (CIRP) against M/s. Hanung Furnishing Private Limited.

The Corporate Debtor defaulted in making a payment of Rs. 189,18,63,774/-.

The application was filed on 13.05.2024.

The total amount of default is Rs. 379,16,21,684/-.

Hanung Furnishing Private Limited is a Corporate Guarantor to the Principal Borrower M/s. Hanung Toys & Textile Limited.

The account of the Principal Borrower was classified as NPA on 19.08.2013.

A common Notice under Section 13(2) of SARFAESI Act, 2002 was issued on 17.10.2015.

The Corporate Guarantee was invoked by the Financial Creditor on 17.10.2015.

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## Issues and analysis

### Issue 1: Whether the petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** The Financial Creditor can always file separate applications under Section 7 of the IBC

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**Reasoning:** The Hon'ble Supreme Court in BRS Ventures Investments Ltd. vs. SREI Infrastructure

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**Interpretation:** The judgment clarifies that financial creditors have the right to initiate CIRP

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**Application:** Since the default in repayment of the Financial Debt has been established, the

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## Parties

- **Judges:** JYOTSNA S…; ANU JAGMOHA…
- **Appellants:** Central Bank of…
- **Respondents:** M/S. HANUNG…
- **Other parties:** Insolvenc…; Corporate…; +4 more
- **Advocates:** B.K. Mi…; Ambuj M…; +1 more

## Timeline

- **2024-05-13 — Application…**: The present application was filed…
- **2025-04-07 — Ex Parte…**: The matter was proceeded ex parte against the Corporate Debtor vide order dated…

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