# In the matter of Gouri Iron & Steel Private Limited I.A.(IB) No. 565-KB-2021 and C.P. (I.B) No. 103-KB-2020

> NCLT judgment dated 2021-11-25. Citation: TCN-2021-NCLT-00403. The case involves an application under Section 10 of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 25 Nov 2021
- **Citation:** TCN-2021-NCLT-00403
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gouri-iron-steel-private-limited-iaib-no-565-kb-2021-and-cp-ib-no-103-kb-2020-c6812cd5

## Summary

### Background

The case involves an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy Board of India (Insolvency Resolution Process for Corporate Persons) Regulations, 2016. Gouri Iron & Steel Private Limited, the Corporate Applicant, filed the application for initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed through its Director, Mr. Sumrit Mondal, authorized by a Board Resolution dated 24.12.2019. The Corporate Applicant was incorporated on 14.03.2002 and is involved in the business of casting and rolling mill plant for producing iron and steel ingots, iron and steel makers, processors, smelters, foundries, etc.

## Facts

Gouri Iron & Steel Private Limited (CIN: U27101WB2002PTC094371), incorporated on 14.03.2002, engaged in casting and rolling mill plant operations, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed through its Director, Mr. Sumrit Mondal, authorized by a Board Resolution dated 24.12.2019. The Corporate Applicant stated that it was unable to pay a sum of Rs.1,88,76,99,404/- to its operational creditors due to suffering losses. Demand notices were issued by some operational creditors. The members of the Corporate Applicant consented to the application through a resolution passed in an Extra Ordinary General Meeting held on

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## Issues and analysis

### Issue 1: Whether the application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for …

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

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**Reasoning:** The Adjudicating Authority considered the facts presented in the application and the

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor to proactively address

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**Application:** In this case, the Corporate Applicant demonstrated its inability to pay its

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## Parties

- **Judges:** Rajasekha…; Harish Chander…
- **Respondents:** Gouri Iron &…

## Timeline

- **2002-03-14 — Incorporation of…**: Gouri Iron & Steel Private…
- **2019-12-19 — Board Reso…**: Board Resolution passed authorizing Mr.…

## 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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