# 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-01840. 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-01840
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ambey-constructech-pvt-ltd-cp-ib-no-09-chd-pb-2018-ba48db2f

## 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 Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The corporate debtor's registered office is in Bathinda, Punjab, placing the matter within the jurisdiction of the Chandigarh bench of the National Company Law Tribunal (NCLT). Punjab National Bank, the only secured financial creditor, did not principally oppose the triggering of the CIRP but raised certain disputes. The NCLT considered the application, the records, and the submissions of the parties.

## Facts

Ambey Constructech Pvt. Ltd. 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 located in Bathinda, Punjab. The authorized share capital of the corporate debtor is ₹ 50 lacs, divided into 5,00,000 equity shares of ₹ 10 each, with an issued, subscribed, and paid-up share capital of ₹ 15,90,000. Punjab National Bank is the only secured creditor, with an amount in default of ₹10,67,54,119 as of 15.11.2017. Other unsecured creditors include SECL Industries Private Limited, Rakesh Kumar Singla, Davinder Singh, and Ceigall India Limited. Punjab National Bank declared the accounts of the corporate debtor as NPA on 18.04.2015 and issued a notice under

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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 file

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**Reasoning:** The NCLT perused the application filed in Form No. 6 and found it complete in all

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**Interpretation:** Section 10 provides a mechanism for corporate debtors to initiate CIRP when

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**Application:** The NCLT applied Section 10 to the facts of the case, finding that Ambey

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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 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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