# In the matter of Amar Remedies Ltd. CP No. 1053-2017

> NCLT judgment dated 2017-06-16. Citation: TCN-2017-NCLT-00802. The case pertains to a company petition filed by Amar Remedies Ltd. under Section 10 of the…

- **Court:** NCLT
- **Order date:** 16 Jun 2017
- **Citation:** TCN-2017-NCLT-00802
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amar-remedies-ltd-cp-no-1053-2017-9e4033f4

## Summary

### Background

The case pertains to a company petition filed by Amar Remedies Ltd. 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 (CIRP). Previously, the Debtor Company was before BIFR with reference number 55/2014 and later before AAIFR with appeal number 4/2016. The petition was filed on 29.05.2017.

## Facts

Amar Remedies Ltd. filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process. The Corporate Debtor's registered office is located in Mumbai, incorporated on 18-04-1984, with an authorized share capital of Rs. 28 crores and a paid-up share capital of Rs. 26.16 crores. The Board of Directors authorized Smt. Pratima P. Shah to file the application. The Corporate Debtor disclosed owing Rs. 463.99 crores to various Financial Creditors. They enclosed documents showing mortgages and charges created in favor of the Financial Creditors. A legal notice dated 27.12.2012 from Bank of India claimed Rs. 4,93,72,342/-, and a recall notice dated 02.07.2013 from Saraswat Co-op. Bank Ltd. required payment of Rs.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor has committed a default 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 Bench, upon reviewing the petition and supporting documents, found that the corporate

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

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**Application:** The Corporate Debtor's disclosure of significant debts and evidence of default,

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Respondents:** Amar Remedi…

## Timeline

- **1984-04-18 — Incorporation of…**: Amar Remedies Ltd. was…
- **2012-12-27 — Legal Notice from Bank…**: Bank of India issued a legal…

## 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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