# In the matter of F.M. Hammerle Textiles Ltd. CP (IB) No. 30-Chd-Pb-2017

> NCLT judgment dated 2017-06-27. Citation: TCN-2017-NCLT-00785. F.M. Hammerie Textiles Ltd., the corporate applicant/debtor, filed an application under…

- **Court:** NCLT
- **Order date:** 27 Jun 2017
- **Citation:** TCN-2017-NCLT-00785
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/fm-hammerle-textiles-ltd-cp-ib-no-30-chd-pb-2017-1e94edaf

## Summary

### Background

F.M. Hammerie Textiles Ltd., the corporate applicant/debtor, filed an application under Sections 10, 13, and 14 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The company was incorporated as Oswal F.M. Hammerle Textiles Limited on 2006-01-12 and later changed its name to F.M. Hammerle Textiles Limited on 2014-09-15. The company's authorized share capital is ₹1,33,00,00,000, and its subscribed and paid-up share capital is ₹1,23,86,75,000. The application was filed due to the company's inability to repay its debts, with total debt amounting to ₹135.03 crores. The corporate debtor had previously made a

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## Facts

F.M. Hammerie Textiles Ltd. filed an application to initiate Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016. The company was originally incorporated as Oswal F.M. Hammerle Textiles Limited on 2006-01-12 and later changed its name. The authorized share capital is ₹1,33,00,00,000, and the subscribed and paid-up share capital is ₹1,23,86,75,000. The company's application was supported by a Board of Directors resolution dated 2017-05-23, authorizing Mr. Ashok Kumar Oswal and others to file the application. The company has significant debts to financial creditors, including State Bank of India and State Bank of Patiala, with total debt amounting to ₹135.03 crores. The company also has operational creditors to whom

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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, outlines the requirements for a

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**Reasoning:** The Adjudicating Authority initially found defects in the application, specifically in

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**Interpretation:** Section 10 requires strict compliance with the prescribed form and content to

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**Application:** The Adjudicating Authority, after the corporate debtor rectified the defects,

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## Parties

- **Judges:** R.P.Nag…
- **Respondents:** F.M. Hammerie…

## Timeline

- **2006-01-12 — Incorpor…**: The Applicant Company was incorporated in the name and style of M/s Oswal F.M. Hammerle…
- **2014-09-15 — Name Cha…**: The name of the applicant company was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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