# Central Bank of India vs. M/s. SJ Leasing & Investment Pvt. Ltd.

> NCLT judgment dated 2026-09-30. Citation: TCN-2026-NCLT-01080. Central Bank of India, as Financial Creditor, filed a Section 7 application under the IBC,…

- **Court:** NCLT
- **Order date:** 30 Sept 2026
- **Citation:** TCN-2026-NCLT-01080
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/sj-leasing-and-investments-private-limited-mgme1

## Summary

### Background

Central Bank of India, as Financial Creditor, filed a Section 7 application under the IBC, 2016, against M/s. SJ Leasing & Investment Pvt. Ltd., the Corporate Debtor and Corporate Guarantor, for a default of Rs. 312,89,56,823/- as of 04.01.2025. The Corporate Debtor had guaranteed credit facilities extended to M/s C&C Constructions Limited.

## Facts

Central Bank of India, as Financial Creditor, filed a Section 7 application under the IBC, 2016, against M/s. SJ Leasing & Investment Pvt. Ltd., the Corporate Debtor.

M/s. SJ Leasing & Investment Pvt. Ltd. is the Corporate Debtor and Corporate Guarantor in this case.

The Corporate Debtor defaulted/failed to clear outstanding dues of Rs. 312,89,56,823/- as on 04.01.2025.

The Financial Creditor granted working capital facilities of Rs. 250 Crore to M/s C&C Constructions Limited in 2011 under a consortium arrangement.

M/s. SJ Leasing & Investment Pvt. Ltd. became the Corporate Guarantor to secure the credit facilities granted to M/s C&C Constructions Limited.

Loan and security documents were executed to secure the facilities.

…

## Issues and analysis

### Issue 1: Whether the present …

**Ratio:** The three-year limitation period for Section 7 applications under Article 137 of the

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**Reasoning:** The default date was established as 17.01.2021 (60 days post 18.11.2020 SARFAESI notice).

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**Interpretation:** Judicial pronouncements and statutory provisions allow for the extension and

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**Application:** By applying the Supreme Court's exclusion period and considering the repeated

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## Parties

- **Judges:** BACHU VENKAT…; RAVINDRA CHATURVED…
- **Appellants:** Central Bank of…
- **Respondents:** M/s. SJ Leasing &…
- **Other parties:** Committee of…; NAVNEET KUMAR…
- **Advocates:** Yogesh Pa…; Manvi…; +1 more

## Timeline

- **2011 — Grant of Working…**: Financial Creditor granted working capital facilities of Rs. 250 Crore to M/s C&C…
- **2011-12-15 — Sanction Lette…**: Sanction letter dated 15.12.2011 issued for credit facilities, with M/s. SJ Leasing &…

## 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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