The National Company Law Tribunal (NCLT) Kolkata Bench has admitted a Section 7 insolvency application filed by State Bank of India (SBI) against Martina Bio Genics Private Limited and held that pending winding-up proceedings cannot override the objective of corporate revival under the Insolvency and Bankruptcy Code, 2016 (IBC).
SBI submitted that Martina Bio Genics had availed various credit facilities which were reviewed, renewed and enhanced over time, with the last sanction granted on February 4, 2014. The corporate debtor allegedly failed to comply with the repayment obligations which resulted in classification of the account as a Non-Performing Asset (NPA). The bank also issued notices under Sections 13(2) and 13(4)…