# In the matter of S A PLYWOOD INDUSTRY PRIVATE LIMITED

> NCLT judgment dated 2025-11-13. Citation: TCN-2025-NCLT-01674. 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-01674
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/s-a-plywood-industry-private-limited-efbcc6d0

## 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 filed an application under Section 7 of the IBC to initiate CIRP against M/s S.A Plywood Industry Private Limited.

The Corporate Debtor defaulted in repayment 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.

The Financial Creditor issued a demand notice under Section 13(2) of the SARFAESI Act 2002 on 31st May 2023.

The applicant bank granted Cash Credit facility for an amount of Rs. 7,50,00,000/- and Term Loan facility for an amount of Rs. 2,61,10,967/-.

The first date of default is 01.01.2023 when the Special Mention Account(SMA) was classified as Non Performing Assets.

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

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**Interpretation:** The plea of the Corporate Debtor that Mr. Sharat Chandra Mohanty is having no

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**Application:** The Tribunal held that the application

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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

- **1970 — Banking Companies (Acquisition and Transfer of…**: Corporate constituted under the Banking Companies (Acquisition and Transfer of…
- **2009-05-08 — Incorporati…**: The Respondent Company M/s S.A Plywood Industries Private Limited was incorporated on…

## 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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