# In the matter of DCS International Private Limited C.P (IB) No. 42-BB-2017

> NCLT judgment dated 2017-07-10. Citation: TCN-2017-NCLT-00749. The application was filed on behalf of the Corporate Applicant/Corporate Debtor under Section…

- **Court:** NCLT
- **Order date:** 10 Jul 2017
- **Citation:** TCN-2017-NCLT-00749
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/dcs-international-private-limited-cp-ib-no-42-bb-2017-c44af811

## Summary

### Background

The application was filed on behalf of the Corporate Applicant/Corporate Debtor under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for the initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor, DCS International Private Limited, was incorporated on April 12, 2004. The registered office is located in Bangalore. The authorized share capital is Rs. 50,00,000 divided into 5,00,000 equity shares of Rs. 10 each, and the issued, subscribed, and paid-up share capital is Rs. 45,00,000 divided into 4,50,000 equity shares of Rs. 10 each. The Corporate Applicant stated that it is unable to pay its large pending dues and has committed

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## Facts

DCS International Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company was incorporated on April 12, 2004, with its registered office in Bangalore. The authorized share capital is Rs. 50,00,000, and the paid-up share capital is Rs. 45,00,000. The company claimed it was unable to pay its debts, including dues to financial creditors, operational creditors, taxes, and other amounts totaling Rs. 10,65,18,254. A board resolution passed on May 29, 2017, supported the application. The company also filed audited balance sheets, details of creditors, and a consent letter from the proposed Interim Resolution Professional (IRP).

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Debtor under Section 10 of the Insolvency and …

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

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**Reasoning:** The court considered the documents submitted by the Corporate Debtor, including the

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor facing financial

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**Application:** The court applied Section 10 to the facts presented by the Corporate Debtor and

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## Parties

- **Judges:** Ratakonda…; Ratakonda…
- **Respondents:** DCS International…

## Timeline

- **2004-04-12 — Incorporation of…**: DCS International Private…
- **2017-05-29 — Board Reso…**: Board of Directors of the…

## 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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