NCLT Kolkata admits Ranchi firm Maatapeshwari Media into insolvency on SIDBI plea

The Kolkata bench of the National Company Law Tribunal (NCLT) has admitted Maatapeshwari Media & Publication Private Limited, a Ranchi-based company, into the corporate insolvency resolution process. The order, dated 16 October 2026, came on a petition by the Small Industries Development Bank of India (SIDBI), which claimed Rs 2,60,22,283 due as on 10 June 2025.

What Happened

According to the order, SIDBI sanctioned a term loan of Rs 3.98 crore to the company on 21 September 2023 under its 4E (End to End Energy Efficiency) Financing Scheme, disbursed in four tranches in November and December 2023. SIDBI told the tribunal that monthly payments were regular until 10 June 2025, after which the company defaulted, and that the account was declared a non-performing asset on 8 September 2025.

Per the order, SIDBI adjusted unpaid instalments against the company's fixed deposits, issued a loan recall notice on 17 October 2025 and a notice under Section 13(2) of the SARFAESI Act on 12 December 2025. The company did not appear before the tribunal, and the case proceeded ex parte, meaning in its absence.

The tribunal relied on a record of default filed with NeSL, an information utility that records loan defaults, which showed a debt of Rs 2,52,59,613. The order says the company did not dispute that record, so it was treated as authenticated. The tribunal held that the default exceeded the Rs 1 crore threshold, the application was complete and no disciplinary case was pending against the proposed interim resolution professional, and admitted the petition.

What It Means

Admission into insolvency is not a finding of fraud or mismanagement. A moratorium under Section 14 of the Insolvency and Bankruptcy Code now bars suits against the company, the sale of its assets and the enforcement of security. The order notes that the moratorium does not protect guarantors of the company's loans.

The interim resolution professional, who now manages the company, must make a public announcement within three days inviting claims. Creditors, employees and suppliers should watch for that announcement, which sets out how and by when to file claims. The NCLT's order may be appealed to the National Company Law Appellate Tribunal (NCLAT).

Source: NCLT order