# In the matter of STATOMAT SPECIAL MACHINES (INDIA) PRIVATE LIMITED

> NCLT judgment dated 2025-11-28. Citation: TCN-2025-NCLT-01738. This case involves an application filed by Schaeffler Elmotec Statomat GMBH, the Financial…

- **Court:** NCLT
- **Order date:** 28 Nov 2025
- **Citation:** TCN-2025-NCLT-01738
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/statomat-special-machines-india-private-limited-d0154165

## Summary

### Background

This case involves an application filed by Schaeffler Elmotec Statomat GMBH, the Financial Creditor (FC), under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC), to initiate Corporate Insolvency Resolution Process (CIRP) against Statomat Special Machines (India) Pvt. Ltd., the Corporate Debtor (CD). The application was filed on 03.01.2025.

## Facts

Schaeffler Elmotec Statomat GMBH filed an application under Section 7 of the IBC to initiate CIRP against Statomat Special Machines (India) Pvt. Ltd.

The Financial Creditor claimed a default amount of Rs.3,39,86,527/- as of 03.01.2025, with the date of default being 19.12.2024.

The Corporate Debtor argued that the debt was waived and written off in the Applicant's financial statements.

The Corporate Debtor also claimed that the application was barred by limitation.

The Applicant disbursed a loan of INR 2,50,00,000/- to the Corporate Debtor on 04.12.2019, as per the Loan Agreement dated 07.11.2019.

The Corporate Debtor admitted in a letter dated 23.12.2024 that the loan and interest were due for repayment and unpaid.

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## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC is maintainable given the Corporate Debtor's …

**Ratio:** Accounting entries do not extinguish legal liability. The accounting practice of writing

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**Reasoning:** The NCLT relied on the Supreme Court's judgment in Salim Akbarali Nanji v. Union of India

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**Interpretation:** The accounting write-off of the debt in the Applicant's financial statements

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**Application:** The NCLT rejected the Corporate Debtor's claim that the debt was waived and

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** Schaeffler…
- **Respondents:** Statomat Special…
- **Other parties:** Chittaranja…; Hariharan…; +1 more
- **Advocates:** Rohan Ag…; Umang…; +3 more

## Timeline

- **2019-11-07 — Loan Agre…**: Loan Agreement executed between Schaeffler Elmotec Statomat GMBH and Statomat Special…
- **2019-12-04 — Loan Disbur…**: Loan amount of INR 2,50,00,000/-…

## 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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