# In the matter of Alpha & Omega Diagnostics (India) Ltd. TCP-1117-I&BP-CLB-MB-MAH-2017_2017

> NCLT judgment dated 2017-07-10. Citation: TCN-2017-NCLT-00750. M/s Alpha & Omega Diagnostics (India) Limited, filed an application under Section 10 of the…

- **Court:** NCLT
- **Order date:** 10 Jul 2017
- **Citation:** TCN-2017-NCLT-00750
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/alpha-omega-diagnostics-india-ltd-tcp-1117-ibp-clb-mb-mah-2017_2017-9932d91b

## Summary

### Background

M/s Alpha & Omega Diagnostics (India) Limited, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against itself. The company is engaged in the trading business of medical equipment used for diagnostic purposes. The application was filed after a legal notice dated 25th August, 2004, was issued under section 13(2) of the SARFAESI Act. The company had taken loan facilities from Oriental Bank of Commerce, which were later assigned to Asset Reconstruction Company of India Limited (ARCIL). ARCIL initiated recovery proceedings before the Debt Recovery Tribunal, Mumbai. The petitioner had also challenged the notice under Section 13(2) of the SARFAESI Act before the Hon'ble Court, which was

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## Facts

M/s Alpha & Omega Diagnostics (India) Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process against itself. The company is engaged in the trading business of medical equipment used for diagnostic purposes. The company had taken loan facilities from Oriental Bank of Commerce, Nepeansea Road, Mumbai. These loan facilities were initially provided by Oriental Bank of Commerce and later assigned to Asset Reconstruction Company of India Limited (ARCIL). A legal notice dated 25th August, 2004, was issued under section 13(2) of the SARFAESI Act. The debt as acknowledged in the Form submitted by the Debtor amounted to Rs. 4,43,70,739/-. The bank had granted Loan

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## Issues and analysis

### Issue 1: Whether the Application under Section 10 of the Insolvency and Bankruptcy Code, 2016, should be …

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

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**Reasoning:** The NCLT considered the arguments of both the corporate debtor and the creditor. It

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

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**Application:** The NCLT, after examining the facts and circumstances of the case, was of the

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## Parties

- **Judges:** M.K. Sh…
- **Respondents:** M/s Alpha & Omega…; Asset Reconstructi…
- **Advocates:** Amit…; Rohan M…; +3 more

## Timeline

- **2004-08-25 — Legal No…**: A legal notice was issued under…
- **2008-08-26 — Deed of Ass…**: The debt was assigned to Asset Reconstruction…

## 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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