# State Bank of India vs. Martina Bio Genics Private Limited (In Liquidation)

> NCLT judgment dated 2026-05-22. Citation: TCN-2026-NCLT-00547. Martina Bio Genics Private Limited (Corporate Debtor) availed credit facilities from State Bank…

- **Court:** NCLT
- **Order date:** 22 May 2026
- **Citation:** TCN-2026-NCLT-00547
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/state-bank-of-india-vs-martina-bio-genics-private-limited-bcvgp

## Summary

### Background

Martina Bio Genics Private Limited (Corporate Debtor) availed credit facilities from State Bank of India (Applicant), which subsequently became a Non-Performing Asset (NPA). Prior to this application, winding-up petitions were filed against the Corporate Debtor by Synchronise Scientific Glass Works Private Limited and Manish Kumar Jajodia before the High Court of Calcutta, leading to the appointment of an Official Liquidator. The High Court later transferred these winding-up proceedings to the National Company Law Tribunal (NCLT). State Bank of India, as a financial creditor, then filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate the Corporate Insolvency Resolution Process (CIRP), citing the Official Liquidator's

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## Facts

Martina Bio Genics Private Limited (Corporate Debtor) availed credit facilities from State Bank of India (Applicant).

The credit facilities were last reviewed, renewed, and enhanced on 04.02.2014.

The Corporate Debtor failed to repay the principal debt and interest, breaching the terms of sanction.

The Corporate Debtor's account was classified as NPA on 28.03.2015, with the date of default being 28.12.2014.

State Bank of India issued a notice under Section 13(2) of the SARFAESI Act, 2002, on 12.07.2016.

Synchronise Scientific Glass Works Private Limited instituted Company Petition No. 347 of 2015 against the Corporate Debtor for winding up under the Companies Act, 1956.

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## Issues and analysis

### Issue 1: Whether the application filed by State Bank of India under Section 7 of the IBC, 2016, for …

**Ratio:** An application under Section 7 of the IBC is admissible if a financial creditor

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**Reasoning:** The NCLT found that State Bank of India is a financial creditor, the Corporate Debtor's

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**Interpretation:** Section 7 of the IBC empowers the Adjudicating Authority to admit an

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**Application:** Given the established financial debt, default, and the applicant's status as a

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## Parties

- **Judges:** Labh S…; Rekha Kantilal…
- **Appellants:** State Bank of…; Synchronise…; +1 more
- **Respondents:** Martina Bio…; Martina Bio…
- **Other parties:** Jitendra…; Surya Kanta…; +1 more
- **Advocates:** Santosh Kum…; Ashmita…; +2 more

## Timeline

- **2014-02-04 — Credit Facilities…**: Credit facilities availed by the Corporate Debtor from State Bank of India were last…
- **2014-12-28 — Date of D…**: The date of default for the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

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