# In the matter of Amtek Auto Limited CP (IB) No. 42-Chd-Hry-2017

> NCLT judgment dated 2017-07-24. Citation: TCN-2017-NCLT-00705. Corporation Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Jul 2017
- **Citation:** TCN-2017-NCLT-00705
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/amtek-auto-limited-cp-ib-no-42-chd-hry-2017-542a4a2f

## Summary

### Background

Corporation Bank, a financial creditor, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against Amtek Auto Limited, the corporate debtor, for initiating the insolvency resolution process due to default in payment of financial debt. The application was filed before the National Company Law Tribunal (NCLT), Chandigarh Bench. The bank claimed that Amtek Auto Limited had defaulted on loan repayments, leading to the application for insolvency resolution. The corporate debtor acknowledged the debt and did not oppose the appointment of an Interim Resolution Professional (IRP).

## Facts

Corporation Bank, a body corporate constituted under the Banking Companies (Acquisition and Transfer of Undertakings) Act, 1980, filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Amtek Auto Limited, a company registered under the Companies Act, 1956. Amtek Auto Limited had defaulted in making payment of the 'financial debt'. The bank's application was supported by an affidavit from Mr. Raveesha Nayak B.C., Assistant General Manager of the bank. The application was filed in Form No.1 as prescribed under Rule 4(1) of the Rules. The petitioner dispatched a copy of the application to the registered office of the 'Corporate Debtor' by Speed Post on 2017-06-28, with delivery compliance made on 2017-06-30. The matter was first listed before

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor, Corporation Bank, under Section 7 of the …

**Ratio:** The Adjudicating Authority must ensure that the application filed by the Financial

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**Reasoning:** The Tribunal found that the application filed by Corporation Bank was complete in all

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**Interpretation:** Section 7 of the IBC requires the Financial Creditor to provide evidence of

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**Application:** In this case, the Tribunal determined that the application was complete, and

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## Parties

- **Judges:** R.P.Nag…
- **Appellants:** Corporatio…
- **Respondents:** Amtek Auto…
- **Advocates:** Mish…; Sumit…; +4 more

## Timeline

- **1980-01-01 — Banking Compa…**: Corporation Bank is constituted under the Banking Companies (Acquisition and Transfer of…
- **2016-01-01 — IBC Enac…**: The Insolvency and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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