# In the matter of SEN HOLDINGS PVT LTD

> NCLT judgment dated 2025-11-25. Citation: TCN-2025-NCLT-01704. The South Indian Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 25 Nov 2025
- **Citation:** TCN-2025-NCLT-01704
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/sen-holdings-pvt-ltd-5a6431e1

## Summary

### Background

The South Indian Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Sen Holding Private Limited, seeking initiation of Corporate Insolvency Resolution Process (CIRP) due to outstanding dues.

## Facts

The South Indian Bank Limited (Financial Creditor) filed a petition against Sen Holding Private Limited (Corporate Debtor) to recover outstanding dues of Rs 32,11,43,331.10.

Sen Holding Private Limited agreed to stand as guarantor for credit facilities obtained by Plastosen Limited.

The Financial Creditor addressed a letter to the Principal Borrower and sanctioned a credit facility of a limit up to Rs. 2,46,40,000/- on 20.12.2005.

The Corporate Debtor extended security limit to ₹6,61,12,288/- on 02.02.2006.

The principal borrower started defaulting in making repayments of the credit facilities, and the account was classified as Non-Performing Asset on 30.06.2006.

…

## Issues and analysis

### Issue 1: Whether the Financial Creditor has established the …

**Ratio:** The material on record demonstrates that the Corporate Debtor executed a letter

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**Reasoning:** The Corporate Debtor's plea of improper service does not extinguish the debt or default.

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**Interpretation:** The existence of a financial debt and default is established based on the

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**Application:** The provisions of Section

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** The South Indian…
- **Respondents:** Sen Holding…
- **Other parties:** Abhijit…; Anup Kumar…
- **Advocates:** A. R…

## Timeline

- **2005-10-12 — Foreign Bill Purchase…**: A Foreign Bill Purchase Agreement was executed between The South Indian Bank Limited and…
- **2005-12-20 — Credit Facility…**: The Financial Creditor addressed a letter to the Principal Borrower and sanctioned a…

## 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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