# In the matter of Edelweiss Finvest Pvt. Ltd. Vs. Ramswarup Industries Ltd. CA (AT) No. 170-2018

> NCLAT judgment dated 2018-12-14. Citation: TCN-2018-NCLAT-00012. The appeal was filed by Edelweiss Finvest Private Limited against the order dated 8th…

- **Court:** NCLAT
- **Order date:** 14 Dec 2018
- **Citation:** TCN-2018-NCLAT-00012
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/edelweiss-finvest-pvt-ltd-vs-ramswarup-industries-ltd-ca-0dd80363

## Summary

### Background

The appeal was filed by Edelweiss Finvest Private Limited against the order dated 8th January, 2018, whereby the application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) preferred by Ramswarup Industries Limited (Corporate Applicant/Corporate Debtor) was admitted. The appellant argued that a winding-up application under Sections 433 and 434 of the Companies Act, 1956, was already filed against the Corporate Debtor in 2009 before the Calcutta High Court. The appellant contended that the Adjudicating Authority failed to consider the pending winding-up proceeding and admitted the application under Section 10 of the I&B Code, which was not maintainable.

## Facts

Edelweiss Finvest Private Limited filed an appeal against the admission of an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 (I&B Code) by Ramswarup Industries Limited (Corporate Debtor). A winding-up petition against the Corporate Debtor was pending before the Calcutta High Court since 2009. The Calcutta High Court had passed orders regarding the Corporate Debtor's admitted debt of Rs. 9,46,23,000/- and a payment schedule. The Corporate Debtor had also made a reference to the 'Board of Industrial & Financial Reconstruction' (“BIFR”) under Section 15 (1) of the ‘Sick Industrial Companies (Special Provisions) Act, 1985'. The appellant argued that the application under Section 10 was not maintainable due to the pending winding-up

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## Issues and analysis

### Issue 1: Whether the application under Section 10 of the Insolvency and Bankruptcy Code, 2016, filed by the …

**Ratio:** If a winding-up proceeding has already been initiated against a Corporate Debtor by the

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**Reasoning:** The court relied on its previous decision in "M/s. Unigreen Global Private Limited

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**Interpretation:** The court interpreted Section 11 of the I&B Code to mean that only the

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**Application:** In this case, the court found that the winding-up petition against the

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## Parties

- **Judges:** S.J. Mukhop…; Bansi Lal…
- **Appellants:** Edelweiss Finvest…
- **Respondents:** Ramswarup…

## Timeline

- **2009-01-01 — Winding-up App…**: A winding-up application was filed against the Corporate Debtor before the Calcutta High…
- **2010-02-01 — Calcutta High Court…**: The Calcutta High Court noticed that the Corporate Debtor admitted the principal claim of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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