# In the matter of 24X7 Learning Pvt. Ltd. CP. No.13-BB-17

> NCLT judgment dated 2017-04-28. Citation: TCN-2017-NCLT-00880. The case pertains to a company petition filed by 24X7 Learning Private Limited (Corporate…

- **Court:** NCLT
- **Order date:** 28 Apr 2017
- **Citation:** TCN-2017-NCLT-00880
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/24x7-learning-pvt-ltd-cp-no13-bb-17-d98dc42d

## Summary

### Background

The case pertains to a company petition filed by 24X7 Learning Private Limited (Corporate Applicant) under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process. The corporate debtor, 24X7 Learning Private Limited, stated in its petition that it was incorporated on August 20, 2014. The petition was heard on April 12, 2017, and April 25, 2017.

## Facts

24X7 Learning Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company was incorporated on August 20, 2014. The registered office is in Bangalore. The authorized share capital is Rs. 2,00,00,000, divided into equity and preference shares. The issued, subscribed, and paid-up share capital is Rs. 1,72,25,330. The company's audited balance sheet as of March 31, 2016, was provided. The Board of Directors authorized Mr. K.S. Karthik to file the application. The company proposed Mr. Ramesh Kumar Bhat as the Interim Resolution Professional (IRP). The corporate debtor is in default for more than 7 years, owing Rs. 2,16,02,565 to Financial Creditors and Rs.

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## Issues and analysis

### Issue 1: Whether the petition filed by the Corporate Applicant under Section 10 of the Insolvency and …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, allows a corporate debtor to

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**Reasoning:** The court considered the details provided by the corporate debtor, including financial

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor to initiate insolvency

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**Application:** The court applied Section 10 to the facts presented, noting the prolonged

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## Parties

- **Judges:** Ratakonda…; Ashok Kumar…; +1 more
- **Respondents:** 24X7 Learning…

## Timeline

- **2014-08-20 — Incorporation of…**: 24X7 Learning Private…
- **2016-03-31 — Audited Balan…**: Audited balance sheet of…

## Legal provisions

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

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