# Lucetio Primary Manpower Pvt. Ltd. vs. Creditors

> NCLT judgment dated 2026-05-20. Citation: TCN-2026-NCLT-00543. Lucetio Primary Manpower Pvt. Ltd., the Corporate Applicant, filed a petition under Section 10…

- **Court:** NCLT
- **Order date:** 20 May 2026
- **Citation:** TCN-2026-NCLT-00543
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/lucetio-primary-manpower-pvt-ltd-vs-creditors-bc432

## Summary

### Background

Lucetio Primary Manpower Pvt. Ltd., the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for voluntary initiation of Corporate Insolvency Resolution Process (CIRP). The company reported an inability to discharge its financial obligations, owing INR 3,18,01,161/- to various vendors and INR 3,06,99,738/- in statutory dues. Its profitability had steadily deteriorated, and its net worth was negative. The shareholders had passed a special resolution on 27.12.2024, approving the filing of the CIRP application.

## Facts

Lucetio Primary Manpower Pvt. Ltd. filed CP (IB) No. 39/BB/2025 under Section 10 of the IBC, 2016, for voluntary initiation of CIRP.

The Corporate Applicant failed to discharge obligations amounting to INR 3,18,01,161/- to its creditors.

The company was incorporated on 03.12.2010 as "Nitesh Property Management Private Limited" (CIN-U70102KA2010PTC056128).

Its name changed to "Lob Property Management Pvt. Ltd." on 14.10.2022.

Its name changed again to "Lob Facilities Management Pvt. Ltd." on 02.09.2024, which is its current name.

The Corporate Applicant provides integrated services and total facility management.

The Authorized Share Capital is INR 50,00,000/- and Paid-up Share Capital is INR 30,00,000/-.

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## Issues and analysis

### Issue 1: Whether the Corporate Applicant, Lucetio Primary Manpower Pvt. Ltd., has committed a default in …

**Ratio:** The NCLT found clear evidence of debt and default, including an arbitral award and

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**Reasoning:** The Corporate Applicant owed INR 3,18,01,161/- to various vendors and INR 3,06,99,738/-

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**Interpretation:** A 'default' under the IBC occurs when a debt, which is due and payable, is not

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**Application:** Lucetio Primary Manpower Pvt. Ltd.'s failure to pay its vendors and statutory

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## Parties

- **Judges:** Shri. Sunil Kumar…; Shri. Radhakrishna…
- **Respondents:** Lucetio Primary…
- **Other parties:** Sushanta Kumar…; Various v…; +1 more
- **Advocates:** Krutika Ra…

## Timeline

- **2010-12-03 — Incorpor…**: Corporate Applicant incorporated as "Nitesh…
- **2019-01-01 — Interest Accru…**: Interest @ 12% p.a. started accruing on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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