# in the matter of Asian Natural Resources india Ltd. CP. (I.B) No. 19-7-NCLT-Ahm-2017

> NCLT judgment dated 2017-05-23. Citation: TCN-2017-NCLT-00853. IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 23 May 2017
- **Citation:** TCN-2017-NCLT-00853
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asian-natural-resources-india-ltd-cp-ib-no-19-7-nclt-ahm-2017-bc7f1d22

## Summary

### Background

IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking reliefs under Section 7(5)(a) and Section 13(1)(b) of the Code. The petition was against Asian Natural Resources (India) Limited, a Public Limited Company incorporated on 13.8.1999. The petitioner sought to initiate the Corporate Insolvency Resolution Process (CIRP) against the respondent due to outstanding debts.

## Facts

IDBI Bank Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Asian Natural Resources (India) Limited. Asian Natural Resources (India) Limited was incorporated on 13.8.1999. IDBI sanctioned working capital limits aggregating to Rs. 50.70 Crores to Asian Natural Resources (India) Limited, comprising fund-based and non-fund-based limits. The company also availed Rs. 43.30 Crores and LER facility. Bhatia Global Trading Ltd. also availed sums aggregating to Rs. 85.00 Crores secured by Corporate Guarantee of the Respondent Company. Despite reminders, the Respondent Company failed to repay the outstanding principal amount of Rs.36,66,03,057.44 and interest and liquidated damages of Rs. 11,90,857. IDBI Bank issued a Demand Notice on

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## Issues and analysis

### Issue 1: Whether the petition filed by IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016 allows a financial creditor to

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**Reasoning:** The court considered the documents and submissions made by the petitioner, IDBI Bank

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**Interpretation:** Section 7 provides the mechanism for a financial creditor to trigger the

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**Application:** The court applied Section 7 to the facts presented, noting that IDBI Bank, as a

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Appellants:** IDBI Bank…
- **Respondents:** Asian Natural…

## Timeline

- **1999-08-13 — Incorporation o…**: Asian Natural Resources (India) Limited was…
- **2011-03-17 — Financial Ass…**: Rs. 85.00 Crores granted and…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(8) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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