# In the matter of Bhawani Paper Mills Limited C P No. (IB) 110-ALD-2017

> NCLT judgment dated 2018-02-13. Citation: TCN-2018-NCLT-01832. The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Feb 2018
- **Citation:** TCN-2018-NCLT-01832
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bhawani-paper-mills-limited-c-p-no-ib-110-ald-2017-5aff1354

## Summary

### Background

The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by Shri Bhawani Paper Mills Limited, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed before the Allahabad Bench of the National Company Law Tribunal (NCLT).

## Facts

Shri Bhawani Paper Mills Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed before the Allahabad Bench of the National Company Law Tribunal (NCLT). J.M. Financial Assets Reconstruction Company Ltd., a secured creditor, expressed no objection to the admission of the insolvency application. However, Financial Creditor (Bank of Baroda) raised some procedural/legal objection regarding maintainability and completeness of the present Application. Shri Rahul Chaudhary, Advocate filed a Civil Misc. (Interlocutory) Application No.3 of 2018, by which, he has brought on a record chart showing Particulars of Security, Date of its Creation and

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## Issues and analysis

### Issue 1: Whether the application under Section 10 of the Insolvency and Bankruptcy Code, 2016, filed by Shri …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, allows a corporate applicant to

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**Reasoning:** The NCLT considered the submissions of the applicant, the objections raised by the

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor to initiate CIRP,

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**Application:** In this case, the NCLT found the application by Shri Bhawani Paper Mills

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## Parties

- **Judges:** Harihar Prakash…
- **Respondents:** Bhawani Paper…

## Timeline

- **2018-02-06 — Disposal of Civil Misc.…**: Civil Misc. (Interlocutory) Application No.3 of 2018 filed by Shri Rahul Chaudhary,…
- **2018-02-13 — Order Da…**: The NCLT admitted the application under Section 10 of the I&B Code, appointed Ms. Anju…

## 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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