# Bank of India vs. Supreme Engineering Limited

> NCLT judgment dated 2026-06-23. Citation: TCN-2026-NCLT-00586. Bank of India, the Financial Creditor (FC), filed a Section 7 application under the Insolvency…

- **Court:** NCLT
- **Order date:** 23 Jun 2026
- **Citation:** TCN-2026-NCLT-00586
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bank-of-india-vs-supreme-engineering-limited-2m2qi

## Summary

### Background

Bank of India, the Financial Creditor (FC), filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016 (IBC) against Supreme Engineering Limited, the Corporate Debtor (CD), seeking initiation of Corporate Insolvency Resolution Process (CIRP). The FC claimed a default amount of Rs. 117,50,63,582.23/- as on 02.03.2025, with the date of default stated as 20.05.2021. The CD contested the application, primarily arguing that the petition was barred by limitation, that the actual default occurred during the Section 10A period of the IBC, and that an interim moratorium under Section 96 of the IBC, triggered by Section 95 petitions against personal guarantors, should bar the proceedings against the CD. The CD also alleged that the petition was filed for

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## Facts

C.P. (IB) No. 660 of 2025 was filed on 10.07.2025 by Bank of India (Financial Creditor) against Supreme Engineering Limited (Corporate Debtor) under Section 7 of IBC, 2016.

The application seeks initiation of Corporate Insolvency Resolution Process (CIRP) against Supreme Engineering Limited.

The application was affirmed by Mr. Revin Kurien, Chief Manager, Bank of India.

The amount claimed to be in default is Rs. 117,50,63,582.23/- as on 02.03.2025.

The date of default is stated as 20.05.2021, amended vide order dated 16.07.2025.

S. Gopalakrishnan is proposed as the Interim Resolution Professional (IRP).

The Financial Creditor holds various securities including hypothecation of stocks, book debts, plant and machinery, and land parcels.

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## Issues and analysis

### Issue 1: Whether the Company Petition is incomplete in its contents, lacking material facts and statutory …

**Ratio:** Procedural defects which are curable cannot defeat substantive rights where debt and

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**Reasoning:** The Applicant (FC) placed on record necessary documents through Rejoinder and Additional

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**Interpretation:** The Adjudicating Authority focuses on the existence of debt and default, and

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**Application:** The Tribunal found the Applicant had rectified any defects through additional

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Bank of…
- **Respondents:** Supreme Engineerin…
- **Other parties:** Sanjay Ch…; S. Gopalakr…; +1 more
- **Advocates:** Sr.Adv.Mustafa…; Adv Apurva…; +3 more

## Timeline

- **04.10.1989 — Cash and Credit…**: Cash and Credit (Stock and book debts upto 90 days) facility disbursed to the Corporate…
- **21.12.2020 — Cash credit account…**: The Applicant (FC) recorded that the cash credit account had exceeded its limit by…

## 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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