# In the matter of BimlaMaru Fashions Private Limited C.P.No.IB-543-(ND)-2017

> NCLT judgment dated 2018-05-02. Citation: TCN-2018-NCLT-01469. The case pertains to an application filed by M/s BimlaMaru Fashions Private Limited under…

- **Court:** NCLT
- **Order date:** 2 May 2018
- **Citation:** TCN-2018-NCLT-01469
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/bimlamaru-fashions-private-limited-cpnoib-543-nd-2017-5bbdcf00

## Summary

### Background

The case pertains to an application filed by M/s BimlaMaru Fashions Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company, originally incorporated as Bimla Silk Impex Private Limited, faced financial difficulties due to fluctuations in the textile import business and the impact of demonetization and GST implementation. The company approached financial creditors for credit facilities but failed to make payments, leading to the application for CIRP.

## Facts

M/s BimlaMaru Fashions Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016 for initiating Corporate Insolvency Resolution Process (CIRP). The company was originally incorporated as Bimla Silk Impex Private Limited on January 29, 1999. The company's business involved manufacturing, exporting, and importing clothing, apparels, and other goods. The company faced financial difficulties due to fluctuations in the textile import business during 2012-13. The company approached financial creditors for credit facilities. During the demonetization period, Rs. 3 Crore of working capital was blocked by Bank of Baroda and Rs. 1.25 Crore by Standard Chartered Bank. The implementation of Goods and Services Tax (GST) further affected the

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## Issues and analysis

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

**Ratio:** The ratio is based on Section 10 of the IBC, 2016, which allows a corporate applicant to

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**Reasoning:** The Tribunal considered the judgment rendered by Hon'ble NCLAT in M/s. Unigreen Global

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**Interpretation:** Section 10 of the IBC, 2016, allows a corporate applicant to initiate CIRP if

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**Application:** In this case, the Corporate Debtor filed the application under Section 10 of

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## Parties

- **Respondents:** BimlaMaru…; Bank of B…

## Timeline

- **1999-01-29 — Incorpor…**: Bimla Silk Impex Private Limited was…
- **2012-01-01 — Business Diff…**: Trading business of textile import got severely hurt due to drastic fluctuations in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 138 — Discharge order](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-138)

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