# In the matter of Gujarat NRE Coke Limited CP. No.182-2017

> NCLT judgment dated 2017-04-07. Citation: TCN-2017-NCLT-00921. The case pertains to a Company Petition No. 182/2017 filed before the National Company Law…

- **Court:** NCLT
- **Order date:** 7 Apr 2017
- **Citation:** TCN-2017-NCLT-00921
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/gujarat-nre-coke-limited-cp-no182-2017-57a9522e

## Summary

### Background

The case pertains to a Company Petition No. 182/2017 filed before the National Company Law Tribunal (NCLT), Kolkata Bench, concerning M/s. Gujarat NRE Coke Limited. The petition was filed under Section 10(1) of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The application was based on a resolution passed by the Board of Directors on March 21, 2017. The company acknowledged defaults to financial and operational creditors, with the default amounts ascertained based on a Corporate Debt Restructuring (CDR) scheme.

## Facts

M/s. Gujarat NRE Coke Limited, a listed public non-government company, filed a Company Petition No. 182/2017 under Section 10(1) of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's Board of Directors passed a resolution on March 21, 2017, to initiate CIRP. The company defaulted on payments to financial creditors, amounting to Rs. 3,698.58 Crores, and operational creditors, amounting to Rs. 181.13 Crores as of March 15, 2017. The total default was Rs. 3,879.71 Crores. The company had negative cash flow in 2013-14 (Rs. 482.85 Crores) and 2014-15 (Rs. 65.49 Crores). The total assets were Rs. 3849.75 Crores, and the amount due to secured and unsecured creditors was Rs. 3673.21 Crores. The application was

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## Issues and analysis

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

**Ratio:** Section 10(1) of the Insolvency and Bankruptcy Code, 2016, allows a corporate debtor to

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**Reasoning:** The NCLT considered the application filed by M/s. Gujarat NRE Coke Limited, the corporate

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**Interpretation:** Section 10(1) provides an avenue for corporate debtors facing financial

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**Application:** The NCLT applied Section 10(1) to the facts of the case, noting that M/s.

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## Parties

- **Judges:** V. P. S…; S. VIJAYARA…
- **Respondents:** Gujarat NRE Coke…
- **Advocates:** Jishnu Cho…; M.S.Ti…

## Timeline

- **2016-01-01 — Insolvency and…**: The Insolvency and…
- **2017-03-21 — Board Reso…**: The Board of Directors of Gujarat NRE Coke Limited passed a resolution to initiate…

## 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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