# In the matter of Antrix Diamond Exports Pvt. Ltd. CP (IB) No. 1104-MB-2017

> NCLT judgment dated 2018-03-27. Citation: TCN-2018-NCLT-01627. The case pertains to a Company Petition filed by Antrix Diamond Exports Pvt. Ltd. under Section…

- **Court:** NCLT
- **Order date:** 27 Mar 2018
- **Citation:** TCN-2018-NCLT-01627
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/antrix-diamond-exports-pvt-ltd-cp-ib-no-1104-mb-2017-9b3fdc5e

## Summary

### Background

The case pertains to a Company Petition filed by Antrix Diamond Exports Pvt. 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. Initially, the petition was dismissed by the Adjudicating Authority, but the NCLAT set aside the order and remitted the matter back for fresh adjudication. The petition was then taken up for hearing.

## Facts

Antrix Diamond Exports Pvt. Ltd. filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016. The Corporate Debtor's registered office is located in Mumbai, and it was incorporated on 10.10.1986. The company's paid-up share capital is Rs. 1,35,00,000/-. The Board of Directors authorized Mr. Ajay Fakirchand Gandhi to file the application. Initially, the petition was dismissed but later reinstated by NCLAT. The Corporate Debtor disclosed that a sum of ₹489.50 Crores is due to Financial Creditors. Financial statements reveal ₹408.89 crores payable to banks and ₹14.16 crores as temporary overdraft. These loans were secured by hypothecation of stocks and receivables. Punjab National Bank issued a SARFAESI notice dated 7.4.2017 claiming ₹42,12,33,462/-.

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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, after reading the petition and supporting documents, formed the view that the

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

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**Application:** The court applied the provisions of Section 10 to the facts presented in the

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Respondents:** Antrix Diamond…

## Timeline

- **1986-10-10 — Incorpor…**: Antrix Diamond Exports…
- **2016-01-01 — IBC Enac…**: Insolvency and…

## 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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