# In the matter of Hardik Industrial Corporation Pvt. Ltd. C.P. (I.B) No. 78-10-NCLT-AHM-2018

> NCLT judgment dated 2019-02-19. Citation: TCN-2019-NCLT-04786. The case involves an application filed by Hardik Industrial Corporation Private Limited under…

- **Court:** NCLT
- **Order date:** 19 Feb 2019
- **Citation:** TCN-2019-NCLT-04786
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/hardik-industrial-corporation-pvt-ltd-cp-ib-no-78-10-nclt-ahm-2018-71af87c7

## Summary

### Background

The case involves an application filed by Hardik Industrial Corporation Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The application was filed in statutory form No. 6 as prescribed by the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The corporate debtor represented that it had financial creditors, including State Bank of India, and operational creditors. The State Bank of India, being a financial creditor, raised objections to the application, controverting the bona fide of the application. The bank also submitted that it had already filed O.A. No. 45 of 2016 before the Debts Recovery Tribunal-1, Mumbai, against the corporate applicant

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## Facts

Hardik Industrial Corporation Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's registered office is located at A/3, Rameshwar Complex, Ghogha Circle, Bhavnagar 364 002 (Gujarat), with a paid-up share capital of Rs. 1000.00 lacs. The Board of Directors authorized Mr. Bhushan Chandrakant Vayeda to file the petition. The company has financial creditors, including State Bank of India, with a total debt of Rs. 8,75,62,253.00. There are also operational creditors to the extent of Rs. 3,98,78,011.00 and statutory liabilities of Rs. 18,58,917.00 as of 27.01.2018. The company also has contingent liabilities of Rs. 1,16,42,070.00. The Income Tax Department has

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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:** The Adjudicating Authority must admit the application if it is satisfied that a default

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**Reasoning:** The Adjudicating Authority found that the petition filed by Hardik Industrial Corporation

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**Interpretation:** Section 10 of the Insolvency and Bankruptcy Code, 2016 allows a corporate

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**Application:** In this case, the Adjudicating Authority found that the application filed by

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Respondents:** Hardik Industrial…; State Bank of…

## Timeline

- **2018-01-22 — Board Reso…**: The Board of Directors of Hardik Industrial Corporation Private Limited resolved to…
- **2018-02-02 — Application…**: Hardik Industrial Corporation Private Limited filed a petition under Section 10 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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