# In the matter of Duke Enterprise Pvt. Ltd. C.P. (IB) No. 525-7-NCLT-AHM-2018

> NCLT judgment dated 2019-09-30. Citation: TCN-2019-NCLT-01158. The case involves an application filed by Dena Bank (now Bank of Baroda) under Section 7 of the…

- **Court:** NCLT
- **Order date:** 30 Sept 2019
- **Citation:** TCN-2019-NCLT-01158
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/duke-enterprise-pvt-ltd-cp-ib-no-525-7-nclt-ahm-2018-97f10400

## Summary

### Background

The case involves an application filed by Dena Bank (now Bank of Baroda) under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against Duke Enterprise Private Limited due to default in repayment of a cash credit loan. The financial creditor, Bank of Baroda, claims default by the corporate debtor in making repayment of the cash credit loan availed from the financial creditor. The application was filed on 2018-10-04.

## Facts

Dena Bank (now Bank of Baroda) filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Duke Enterprise Private Limited. The application was filed on 2018-10-04. Duke Enterprise Private Limited was incorporated on 2013-05-01. The corporate debtor availed cash credit facilities from the financial creditor. The date of default is 2016-02-29. The outstanding balance as of 2016-02-29 was Rs. 5,12,90,437.45. Interest and penalty were added up to 2018-09-24. The total outstanding amount was Rs. 6,95,62,807.56. The respondent company had hypothecated a residential property as security. The financial creditor had also filed an application before the Debts Recovery Tribunal, Ahmedabad,

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## Issues and analysis

### Issue 1: Whether the application filed by the Financial Creditor under Section 7 of the Insolvency and …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, outlines the procedure and

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**Reasoning:** The Adjudicating Authority considered the material and papers filed by the Petitioner

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**Interpretation:** Section 7 of IBC requires the financial creditor to demonstrate the existence

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**Application:** The Adjudicating Authority found that the Financial Creditor's application was

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## Parties

- **Judges:** Harihar Prakash…; Prasanta Kumar…
- **Appellants:** Bank of B…
- **Respondents:** Duke Enterprise…; Duke Enterprise…

## Timeline

- **2013-05-01 — Incorporation of…**: Duke Enterprise Private…
- **2016-02-29 — Date of D…**: The Corporate Debtor defaulted in making…

## 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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