# In the matter of Frontline Printers Private Limited CP-606-(IB)-CB-2017

> NCLT judgment dated 2017-11-02. Citation: TCN-2017-NCLT-00255. The case involves a petition filed by Edelweiss Asset Reconstruction Company Limited, acting as…

- **Court:** NCLT
- **Order date:** 2 Nov 2017
- **Citation:** TCN-2017-NCLT-00255
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/frontline-printers-private-limited-cp-606-ib-cb-2017-66010ae0

## Summary

### Background

The case involves a petition filed by Edelweiss Asset Reconstruction Company Limited, acting as Trustee for Edelweiss ARF - I Trust (Petitioner/Financial Creditor), against M/s. Frontline Printers Private Limited (Respondent/Corporate Debtor) under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner claims that the corporate debtor defaulted on loan repayments. The respondent opposed the petition, arguing that it was not maintainable due to being filed by a wrong entity and that the applicant had already initiated recovery proceedings under the Recovery of Debts Due to Banks and Financial Institutions Act, 1993, which were dismissed.

## Facts

Edelweiss Asset Reconstruction Company Limited, acting as Trustee for Edelweiss ARF - I Trust, filed a petition against M/s. Frontline Printers Private Limited under Section 7 of the Insolvency and Bankruptcy Code, 2016. The petitioner claimed that the respondent had availed various loans from M/s Indian Bank amounting to Rs. 20,14,00,000/-. This debt was assigned to the applicant through an Assignment Agreement dated 31.10.2011. A Restructuring Agreement was entered into on 04.04.2012, fixing the debt at Rs. 19,00,00,000/-, payable in two installments by 30.06.2012 and 30.10.2012. The respondent failed to repay these installments. The petitioner approached the Adjudicating Authority, claiming Rs. 61,09,26,925/- including interest. The respondent opposed the petition,

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## Issues and analysis

### Issue 1: Whether the petition is maintainable despite …

**Ratio:** Under Orderl Rule 10 of the Code of Civil Procedure, 1908, a person can be substituted or

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**Reasoning:** The court accepted the applicant's argument that the mistake in the name of the applicant

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**Interpretation:** The court interpreted the provisions of the Code of Civil Procedure regarding

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**Application:** The court applied the ratio to the facts of the case, finding that the mistake

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## Parties

- **Judges:** K. Anantha…
- **Appellants:** M/s. Edelweiss…
- **Respondents:** M/s.FRONTLINE…

## Timeline

- **2007-10-05 — Incorporation of…**: The petitioner/FC, an Asset…
- **2011-10-31 — Assignment Ag…**: An Assignment Agreement was entered into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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