# In the matter of S A PLYWOOD INDUSTRY PRIVATE LIMITED

> NCLT judgment dated 2025-11-13. Citation: TCN-2025-NCLT-01865. Central Bank of India, a financial creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 13 Nov 2025
- **Citation:** TCN-2025-NCLT-01865
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/s-a-plywood-industry-private-limited-2a0e4b77

## Summary

### Background

Central Bank of India, a financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against M/s S.A Plywood Industry Private Limited, the corporate debtor.

## Facts

Central Bank of India sanctioned credit facilities to M/s S.A Plywood Industries Private Limited on 31st January 2012, which were enhanced over time.

The financial assistance was renewed on 19th October 2019, with a reduced financial limit.

The applicant bank restructured the loan in the form of Funded Interest Term Loan and Working Capital Term Loan on 28th September 2021.

The Corporate Debtor defaulted in re-payment of the Term Loan account for a continuous period of 90 days with effect from 1st January 2023 to 31st March 2023.

The loan accounts were classified as non-performing asset as per IRAC Norms and guidelines on 31st March 2023.

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## Issues and analysis

### Issue 1: Whether the present application is not filed by a competent person and hence not maintainable at …

**Ratio:** Section 85 of Indian Evidence Act 1872, as it was the then applicable on date of

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**Reasoning:** The court shall presume that every document purporting to be a power of attorney and to

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**Interpretation:** A Power of Attorney granted by a Bank to its officer does not become invalid or

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**Application:** The applicant Bank can generally utilize the Power of Attorney to initiate or

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** Central Bank of…
- **Respondents:** M/s S. A Plywood…
- **Other parties:** Subodh Kumar…
- **Advocates:** Mainak…; A. R…; +5 more

## Timeline

- **2012-01-31 — Credit Facility…**: Central Bank of India sanctioned credit…
- **2019-10-19 — Financial Assistance…**: Financial assistance was renewed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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