# In the matter of Aesys Technologies India Private Limited IBA-20-2020

> NCLT judgment dated 2021-03-30. Citation: TCN-2021-NCLT-02533. The case involves an application filed under Section 10 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 30 Mar 2021
- **Citation:** TCN-2021-NCLT-02533
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aesys-technologies-india-private-limited-iba-20-2020-076f2189

## Summary

### Background

The case involves an application filed under Section 10 of the Insolvency & Bankruptcy Code, 2016 by M/s. Aesys Technologies India Private Limited, the Corporate Applicant, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed following a default in meeting financial obligations to its Operational Creditor, Aesys S.P.A., Italy. The company petition was filed in Form-VI.

## Facts

M/s. Aesys Technologies India Private Limited (Corporate Applicant) filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP) due to a default in financial obligations to Aesys S.P.A., Italy (Operational Creditor). The company was incorporated on 30.03.2011 and received share application money from Aesys S.P.A. The default amount was Rs.1,39,12,542. A Chartered Accountant certified that the company had not obtained any finance or loan from any other person since its inception. The Corporate Applicant passed a special resolution on 30.09.2019 for initiating CIRP. The Corporate Applicant also recommended an Interim Resolution Professional (IRP).

## Issues and analysis

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

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

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**Reasoning:** The Corporate Applicant had defaulted in making payments to Aesys S.P.A. Italy. The

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

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**Application:** The Corporate Applicant's application was admitted because it had defaulted in

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## Parties

- **Judges:** R. Sucha…; B. Anil…
- **Respondents:** Aesys Technologies…
- **Advocates:** Ms.T.V Muthu…

## Timeline

- **2011-03-30 — Incorpor…**: M/s. Aesys Technologies India…
- **2019-09-30 — Special Res…**: The Applicant Company passed a special resolution for initiating a Corporate Insolvency…

## 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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