NCLT JUDGEMENT ON RULE 7 OF THE INSOLVENCY AND BANKRUPTCY (APPLICATION TO ADJUDICATING AUTHORITY) RULES, 2016 AND SECTION 10, 10(4), 10(4)(A) OF THE INSOLVENCY AND BANKRUPTCY CODE, 2016

 

 

 

 

NAME

MOBILE NO.

E-MAIL I’D

RANJEET KUMAR

8383098478, 9667769795

rk@courtkutchehry.com

JAI THAKUR

8130703334, 9355723300

jai.thakur@courtkutchehry.com

RAJEEV RANJAN

9334553249

rajiv.ranjan@courtkutchehry.com

ASHOK MISHRA

9718327746

sales@courtkutchehry.com

RAVI KUMAR


ravi.singh@courtkutchehry.com

In Re_ Synew Steel Private Limited Vs., (2020) 06 NCLT CK 0002

NCLT allowed the application filed by the applicant under Section 10 of the IBC, 2016, R/w Rule 7 of the l&B (Application to Adjudicating Authority) Rules, 2016, by inter alia seeking to initiate Corporate Insolvency Resolution Process (CIRP), on the ground that it has committed default for total amount of Rs.1,18,56,964/- (Rupees One Crore Eighteen Lakh Fifty Six Thousand Nine Hundred and Sixty Four only) which includes Financial Creditors (Rs.27,84,394/-) and Operational Creditors (Rs.90,72,570/-). While allowing the application NCLT held that as stated supra, apart from the dues of Financial Creditors amounting to Rs.27,84,394/-, there are Operational Creditors for a total amount of Rs.90,72,570/-. Further, it is seen from the Profit and Loss Accounts of the Petitioner Company for the years ending 31.03.2018, 31.03.2019 and 31.03.2020, that the Company has reported losses of Rs.63,785/, Rs. 1,33,310/- and Rs. 60,774/- respectively. As per the Balance Sheet of the Petitioner Company as at 31.03.2019, the total liabilities are more than the total assets. Due to this and the unfavourable business environment and economic scenario, the Petitioner Company was unable to repay the amount due to the Financial and Operational Creditors and defaulted in repayment of debt over the years. The Corporate Debtor has clearly lost its substratum and its ability to pay its debts or run its business. It is settled position of law that once debt and default is proved to the satisfaction of the Adjudicating Authority, the case has to be admitted to initiate CIRP, and appoint IRP, etc. We are satisfied with the reasons cited by the Petitioner to initiate CIRP. The instant Company Petition is filed in accordance with law.

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