# In the matter of Ambey Constructech Pvt. Ltd. CP (IB) No. 09-Chd-Pb-2018

> NCLT judgment dated 2018-02-13. Citation: TCN-2018-NCLT-01838. Ambey Constructech Pvt. Ltd., the corporate debtor, filed a petition under Section 10 of the…

- **Court:** NCLT
- **Order date:** 13 Feb 2018
- **Citation:** TCN-2018-NCLT-01838
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ambey-constructech-pvt-ltd-cp-ib-no-09-chd-pb-2018-24b55e5d

## Summary

### Background

Ambey Constructech Pvt. Ltd., the corporate debtor, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed in Form No. 6 as prescribed under the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The corporate debtor's registered office is located in Bhatinda, Punjab, placing the matter within the jurisdiction of the Chandigarh bench of the National Company Law Tribunal (NCLT). Punjab National Bank is the only secured financial creditor. The bank declared the corporate debtor's accounts as NPA on 18.04.2015 and issued a notice under Section 13(2) & (4) of the SARFAESI Act. The bank also sold one of the secured assets of

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## Facts

Ambey Constructech Pvt. Ltd., a company incorporated on 20.12.2011, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's registered office is in Bhatinda, Punjab. The authorized share capital is ₹ 50 lacs, and the paid-up share capital is ₹ 15,90,000. The application was filed through Mr. Puneet Garg, a Director authorized by a Board resolution dated 17.11.2017. Punjab National Bank (PNB) is the only secured creditor, having declared the company's accounts as NPA on 18.04.2015 and initiated SARFAESI proceedings. The amount in default to PNB as of 15.11.2017 was ₹10,67,54,119. Other unsecured creditors include SECL Industries Private Limited, Rakesh Kumar Singla,

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## Issues and analysis

### Issue 1: Whether the application filed by the corporate debtor 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 Adjudicating Authority (NCLT) has the discretion to either admit or reject the

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**Interpretation:** Section 10 provides a mechanism for corporate debtors facing financial distress

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**Application:** In this case, the NCLT perused the application filed in Form No. 6 and found it

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## Parties

- **Judges:** R.P.Nag…
- **Respondents:** Ambey Constructech…; Punjab National…

## Timeline

- **2011-12-20 — Incorporation of…**: Ambey Constructech Pvt.…
- **2015-04-18 — Declaration…**: Punjab National Bank declared the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(5) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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