# In the matter of BCC Estate Pvt. Ltd. CP (IB) No. 80-7-NCLT-2017

> NCLT judgment dated 2017-09-06. Citation: TCN-2017-NCLT-00458. IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 6 Sept 2017
- **Citation:** TCN-2017-NCLT-00458
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bcc-estate-pvt-ltd-cp-ib-no-80-7-nclt-2017-4ca97937

## Summary

### Background

IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against BCC Estates Private Limited, treating it as a Corporate Guarantor/Corporate Debtor, seeking to initiate Corporate Insolvency Resolution Process (CIRP). IDBI Bank claimed that BCC Estates stood as a Corporate Guarantor for Asian Natural Resources India Limited, which owed the bank Rs. 38,31,06,744.44. IDBI Bank had also filed an insolvency petition against Asian Natural Resources India Ltd., which was admitted on 23.5.2017.

## Facts

IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against BCC Estates Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP). BCC Estates was a Corporate Guarantor for Asian Natural Resources India Limited, which owed IDBI Bank Rs. 38,31,06,744.44. IDBI Bank had already initiated CIRP against Asian Natural Resources India Ltd., which was admitted on 23.5.2017. The loan facilities granted to Asian Natural Resources India Ltd. were secured by a Guarantee Agreement executed by BCC Estates in favor of IDBI Bank on 21.2.2009. Asian Natural Resources India Ltd. availed a loan of Rs. 50.70 Crores secured by the Corporate Guarantee of BCC Estates. BCC Estates failed to make payments despite repeated

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## Issues and analysis

### Issue 1: Whether Mr. Amit Kumar Nanda had the proper authority to file the application on behalf of IDBI …

**Ratio:** In view of the Delegation of Powers, Chapter No.25, Mr. Amit Kumar Nanda being the Deputy

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**Reasoning:** The Adjudicating Authority considered the Delegation of Powers within IDBI Bank and found

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**Interpretation:** The court interpreted the internal delegation of powers within IDBI Bank to

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**Application:** The court applied the internal rules of IDBI Bank to the specific facts of who

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Appellants:** IDBI Bank…
- **Respondents:** BCC Estate Pvt…

## Timeline

- **2016-02-12 — Board Me…**: 113th Meeting of the Board of Directors of IDBI Bank held, where a Comprehensive Revision…
- **2016-03-01 — Delegation of Powers…**: Comprehensive Revision in…

## 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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