# In the matter of JAI AMBEY METALS PRIVATE LIMITED

> NCLT judgment dated 2026-02-27. Citation: TCN-2026-NCLT-00201. The petition was filed jointly by Panghat Barter Private Limited and Srumaan Retail Private…

- **Court:** NCLT
- **Order date:** 27 Feb 2026
- **Citation:** TCN-2026-NCLT-00201
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/jai-ambey-metals-private-limited-e2f8e50a

## Summary

### Background

The petition was filed jointly by Panghat Barter Private Limited and Srumaan Retail Private Limited, the Financial Creditors, under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against Jai Ambey Metals Private Limited, the Corporate Debtor.

## Facts

Panghat Barter Private Limited and Srumaan Retail Private Limited jointly filed a petition under Section 7 of the IBC to initiate CIRP against Jai Ambey Metals Private Limited.

Panghat Barter Private Limited granted a loan of Rs. 65,00,000 to Jai Ambey Metals Private Limited at an interest rate of 9% p.a.

Srumaan Retail Private Limited granted a loan of Rs. 85,00,000 to Jai Ambey Metals Private Limited at an interest rate of 9% p.a.

Jai Ambey Metals Private Limited defaulted on the repayment of the loan and interest.

The Financial Creditors issued demand notices to the Corporate Debtor, which were acknowledged but the debt remained unpaid.

The Financial Creditors claimed a total outstanding amount of Rs. 1,53,48,488, inclusive of principal and interest.

…

## Issues and analysis

### Issue 1: Whether Mr. Sourav Banerjee was having authority …

**Ratio:** The Board Resolution dated 04.03.2025 proves that Mr. Sourav Banerjee has been authorised

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**Reasoning:** The Adjudicating Authority considered the Board Resolution authorizing Mr. Sourav

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**Interpretation:** Mr. Sourav Banerjee was duly authorized to prefer the present joint application

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**Application:** The plea of the Corporate Debtor that Mr. Sourav Banerjee is not properly

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Panghat Barter…; Srumaan Retail…
- **Respondents:** Jai Ambey Metals…
- **Other parties:** M/s Klass…
- **Advocates:** Dripto Ma…; Shreya…; +2 more

## Timeline

- **2010-07-06 — Incorpor…**: Applicant No. 1 Company previously known as M/s Sana Traders Private Limited was…
- **2012-03-30 — Incorpor…**: Applicant No. 2 Company…

## 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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