# In the matter of Glopore IM Services Private Limited C.P. (IB) No. 206-BB-2018

> NCLT judgment dated 2019-06-26. Citation: TCN-2019-NCLT-02781. The case involves a petition filed by M/s. Glopore IM Services Private Limited…

- **Court:** NCLT
- **Order date:** 26 Jun 2019
- **Citation:** TCN-2019-NCLT-02781
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/glopore-im-services-private-limited-cp-ib-no-206-bb-2018-0e6bccc0

## Summary

### Background

The case involves a petition filed by M/s. Glopore IM Services Private Limited ('Petitioner/Corporate Applicant') under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The petitioner claims a total debt and default of Rs. 6,51,64,491/-. The petitioner, incorporated on 01.01.2001, provided IT solutions and services. The company faced cash flow problems from 2014 due to delayed payments from customers. One major customer, Pearson, transferred its service contract to IBM, which allegedly used Glopore IMS's employees without paying invoices on time. The promoter faced personal and

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## Facts

M/s. Glopore IM Services Private Limited, incorporated on 01.01.2001, filed a petition under Section 10 of the IBC, 2016, seeking to initiate CIRP due to a debt and default of Rs. 6,51,64,491/-. The company, providing IT solutions, faced cash flow issues from 2014 due to delayed payments, particularly from Pearson, which transferred its service contract to IBM. IBM allegedly used Glopore IMS's employees without timely invoice payments. The promoter faced personal and professional challenges. The company's authorized share capital was Rs. 2,50,00,000/-, and its issued, subscribed, and paid-up capital was Rs. 2,48,41,500/-. The company achieved a turnover of around 15 Crores between 2001 and 2013. As of 31.03.2018, the company's liabilities totaled Rs. 73,874,092.00. The

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## Issues and analysis

### Issue 1: Whether the petition filed by M/s. Glopore IM Services Private Limited under Section 10 of the IBC, …

**Ratio:** Section 10 of the IBC, 2016, allows a corporate applicant to initiate CIRP if it has

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**Reasoning:** The court considered the petitioner's submissions regarding its financial difficulties,

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**Interpretation:** Section 10 of the IBC provides a mechanism for a corporate debtor to initiate

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**Application:** The court applied Section 10 of the IBC to the facts of the case, finding that

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## Parties

- **Judges:** Rajeswara Rao…; Ashok Kumar…
- **Respondents:** Glopore IM…; The Regional…

## Timeline

- **2001-01-01 — Incorporation of Glopore IM Services Private…**: M/s. Glopore IM Services…
- **2014-01-01 — Start of Cash Flow…**: The Petitioner/Corporate Applicant started facing cash flow problems due to delay in…

## 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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