# In the matter of Brainer Trade and Fin-Tech Private Limited CP (IB) No. 1417-MB-2018

> NCLT judgment dated 2018-07-25. Citation: TCN-2018-NCLT-01073. The case pertains to a company petition filed by Brainer Trade And Fin-Tech Private Limited…

- **Court:** NCLT
- **Order date:** 25 Jul 2018
- **Citation:** TCN-2018-NCLT-01073
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/brainer-trade-and-fin-tech-private-limited-cp-ib-no-1417-mb-2018-11e797e9

## Summary

### Background

The case pertains to a company petition filed by Brainer Trade And Fin-Tech Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant disclosed financial defaults to Financial and Operational Creditors. The petition was supported by a special resolution passed by the shareholders and included audited financial statements, lists of creditors, and details of security provided for loans.

## Facts

Brainer Trade and Fin-Tech Private Limited filed a company petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company's registered office is located in Mumbai and was incorporated on 08.11.2006. The Corporate Applicant disclosed outstanding dues of ₹21,86,76,474/- to Financial Creditors and Rs. 3,50,90,064/- to Operational Creditors. Janaseva Sahakari Bank Ltd and Pune People's Co-operative Bank Ltd had sanctioned credit facilities to the Corporate Applicant. The Board of Directors authorized Mr. Ghanshyam Ramkumar Chourasia to file the application. Janseva Sahakari Bank Ltd issued a SARFAESI Notice on 04.02.2017 requiring the Corporate Applicant to pay Rs. 16,80,93,675/-.

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## Issues and analysis

### Issue 1: Whether the Corporate Applicant has committed a default under Section 10 of the Insolvency and …

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

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**Reasoning:** The Bench reviewed the petition and supporting documents and determined that the

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

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**Application:** The Corporate Applicant's disclosure of outstanding dues to creditors

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## Parties

- **Judges:** Bhaskara Pantula…; V. Nallasen…
- **Respondents:** Brainer Trade and…
- **Advocates:** Amir Ars…; Kirit H…

## Timeline

- **2006-11-08 — Incorpor…**: Brainer Trade and Fin-Tech…
- **2014-05-08 — Term Loan San…**: Pune People's Co-operative Bank Ltd…

## 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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