Archive · 24 Jul 2026
NCLT Admits Insolvency Against Superfine Metals
The National Company Law Tribunal (NCLT) in Mumbai has allowed the Central Bank of India to start insolvency proceedings against Superfine Metals Private Limited.
The bank said the company owed ₹58.64 crore and did not pay it back on time.
The company argued that the insolvency case should not be allowed because the default happened during the COVID-19 suspension period.
However, the NCLT ruled that the default occurred before the suspension period started.
The bank had given the company a credit limit of ₹52 crore, but the company did not pay back the money on time.
The NCLT rejected the company's arguments and allowed the insolvency process to begin.
NCLT admitted insolvency proceedings against Superfine Metals Private Limited.
Central Bank of India filed a petition alleging a default of ₹58.64 crore.
The default occurred on March 10, 2020, before the COVID-19 suspension period.
Superfine Metals argued that the insolvency plea was barred under Section 10A of the IBC.
The NCLT rejected the company's objections and allowed the insolvency process to begin.
- Who
- Superfine Metals Private Limited and Central Bank of India
- What
- Insolvency proceedings admitted against Superfine Metals
- When
- March 10, 2020 (date of default), July 23 (NCLT order)
- Where
- Mumbai, India
- Why
- Superfine Metals failed to regularize the account and clear outstanding dues of ₹58.64 crore.
Central Bank of India
Superfine Metals
Default Date
Central Bank of India
The default occurred on March 10, 2020, before the COVID-19 suspension period.
Superfine Metals
The default date falls within the COVID-19 suspension period, making the insolvency plea invalid.
Financial Health
Central Bank of India
The company failed to regularize the account and clear outstanding dues.
Superfine Metals
The company claims to be a financially sound going concern.
- Company Name
- Superfine Metals Private Limited
- Lender
- Central Bank of India
- Default Amount
- ₹58.64 crore
- Sanctioned Credit Limit
- ₹52 crore
- Date of Default
- March 10, 2020
- Section 10A of IBC
- Bars insolvency proceedings for defaults occurring between March 25, 2020, and the stipulated suspension period.