# In the matter of Ang Industries Limited CP No. (IB) 292 (ND) 2017

> NCLT judgment dated 2017-08-31. Citation: TCN-2017-NCLT-00498. The case pertains to a company petition filed under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 31 Aug 2017
- **Citation:** TCN-2017-NCLT-00498
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ang-industries-limited-cp-no-ib-292-nd-2017-b19dfefe

## Summary

### Background

The case pertains to a company petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Ang Industries Limited, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's inability to meet its financial obligations, with several financial creditors, including State Bank of India and Bank of Baroda, having declared the company's account as a Non-Performing Asset (NPA). The application was examined by the National Company Law Tribunal (NCLT), New Delhi Bench.

## Facts

Ang Industries Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 24.07.1991 as Ang Exports (P) Ltd., later changing its name to Ang Auto Ltd. on 21.02.2006 and finally to Ang Industries Ltd. on 22.04.2010. The company's registered office is in Delhi. The company has defaulted on payments to several financial creditors, including State Bank of India, Bank of Baroda, and Yes Bank. The total outstanding amount to financial creditors is significant. Two banks, State Bank of India and Bank of Baroda, have declared the company's account as NPA. The company also has a substantial number of operational creditors. The company submitted a copy

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Debtor, Ang Industries Limited, under Section 10 of …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Rules,

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**Reasoning:** The NCLT examined the application and found that it contained all the details required by

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**Interpretation:** Section 10 allows a corporate debtor to initiate CIRP if it has committed a

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**Application:** The NCLT found that Ang Industries Limited's application was complete and in

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## Parties

- **Judges:** Ina Mal…; S. K. MOH…
- **Respondents:** ANG Industries…

## Timeline

- **1991-07-24 — Company Incor…**: Ang Exports (P) Ltd.…
- **2006-02-21 — Name Cha…**: The company's name was…

## 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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