# In the matter of Amar Remedies Limited MA No. 524-2018 In CP(IB) 1053 (MB) -2017

> NCLT judgment dated 2019-01-29. Citation: TCN-2019-NCLT-05117. The case involves MA No. 524 of 2018 filed in connection with CP(IB) No. 1053/2017 concerning…

- **Court:** NCLT
- **Order date:** 29 Jan 2019
- **Citation:** TCN-2019-NCLT-05117
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amar-remedies-limited-ma-no-524-2018-in-cpib-1053-mb-2017-19c9759c

## Summary

### Background

The case involves MA No. 524 of 2018 filed in connection with CP(IB) No. 1053/2017 concerning Amar Remedies Ltd. The Resolution Professional sought approval of a Resolution Plan under Section 30(6) of the IBC, 2016. IDBI Bank brought to the NCLT's attention that a liquidation order had already been passed against Amar Remedies Ltd. by the Hon'ble High Court, Bombay, on 25.1.2017, in Company Petition No. 7/2015. The Corporate Applicant, Amar Remedies Ltd., had suppressed this material fact when filing the application under Section 10 of the IBC, 2016.

## Facts

Amar Remedies Ltd. (Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). IDBI Bank, a financial creditor, informed the NCLT that the Hon'ble High Court of Bombay had already passed a liquidation order against Amar Remedies Ltd. on 25.1.2017 in Company Petition No. 7/2015. The Corporate Debtor had previously filed a reference with the Board for Industrial and Financial Reconstruction (BIFR), which was later rejected. An appeal against the BIFR's order was abated due to the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. Despite the liquidation order, Amar Remedies Ltd. filed the application under Section 10 of the IBC without

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## Issues and analysis

### Issue 1: Whether the corporate debtor/corporate applicant has filed the application U/S 10 of the Insolvency …

**Ratio:** Section 11(d) of the Insolvency and Bankruptcy Code (IBC), 2016, explicitly bars a

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**Reasoning:** The NCLT reasoned that the Corporate Debtor was fully aware of the liquidation order

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**Interpretation:** The NCLT interpreted Section 11(d) of the IBC as an absolute bar to initiating

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**Application:** The NCLT applied the ratio to the facts of the case, finding that the Corporate

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## Parties

- **Judges:** V. P. S…; RavikumarDu…
- **Appellants:** Anil…
- **Respondents:** Amar Remedies…
- **Advocates:** Shavey…; Nishitha M…; +10 more

## Timeline

- **2017-01-25 — Liquidation Order by…**: Hon'ble High Court, Bombay, passed a liquidation order against Amar Remedies Ltd. in…
- **2017-05-29 — Application under…**: Amar Remedies Ltd. filed an application under Section 10 of the IBC, 2016, seeking…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 30(6) — Submission of resolution plan](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-30)

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