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Informist, Tuesday, Sept. 30, 2025

 

NEW DELHI – The National Company Law Appellate Tribunal has upheld an order passed by the Mumbai bench of the National Company Law Tribunal in January to admit Central Bank of India's insolvency plea against Superfine Extrusions Pvt. Ltd. for an unpaid amount of INR 947.10 million.

 

The appellate tribunal said Superfine Extrusions' former director Siddharth Satish Katariya had made no submission in connection with his claim that "no amount is due qua their guarantee obligations" with Central Bank of India regarding Superfine Metal Pvt. Ltd. "In the present case, when debt and default is undisputedly established, the adjudicating authority did not commit any error in accepting the Section 7 application (under the Insolvency and Bankruptcy Code, 2016)," the appellate tribunal said.

 

The case has its genesis from Central Bank of India and other banks extending credit facilities of INR 924.7 million to Superfine Metal Pvt. Ltd., a company that was part of the Superfine Group, as the principal borrower. Thereafter, a corporate guarantee deed was executed in 2016 by Superfine Extrusions in favour of the Central Bank of India-led consortium for the loan given by the banks. The consortium included Indian Bank and Oriental Bank of Commerce, which was later merged into Punjab National Bank.

 

In 2020, the accounts of the principal borrower were classified as non-performing assets. Since the default amount was not paid, a demand notice was issued by Central Bank of India to Superfine Extrusions in 2023. This was followed by the filing of the insolvency petition before the Mumbai bench. Challenging the insolvency admission, Katariya had moved the appellate tribunal.

 

At 1410 IST, shares of Central Bank of India were up 1.8% at INR 37.20 on the National Stock Exchange.  End

 

IST, or Indian Standard Time, is five-and-a-half hours ahead of GMT

 

Reported by Surya Tripathi

Edited by Rajeev Pai

 

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