# In the matter of Jindal Builtech Private ltd. CP (IB) No. 70-Chd-HP-2019

> NCLT judgment dated 2021-03-26. Citation: TCN-2021-NCLT-02558. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 26 Mar 2021
- **Citation:** TCN-2021-NCLT-02558
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/jindal-builtech-private-ltd-cp-ib-no-70-chd-hp-2019-4e1a91be

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, read with Rule 4 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, by Mr. Vinay Yadav, through his authorized representative, Mr. Anshu Arora, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jindal Buildtech Private Ltd. The financial creditor claims a default in repayment of a debt amounting to ₹87,50,000/-. The corporate debtor is a company incorporated on 10.06.2005.

## Facts

Mr. Vinay Yadav, through his authorized representative Mr. Anshu Arora, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s Jindal Buildtech Private Ltd. The corporate debtor was incorporated on 10.06.2005. The financial creditor claims that the corporate debtor was granted a total debt of ₹97,00,000/-, disbursed on 08.12.2015 and 14.12.2015. The total amount claimed to be in default is ₹87,50,000/- as on 05.12.2016 and 21.11.2016. Two cheques issued by the corporate debtor, bearing No.000221 and No.000222, both dated 01.09.2016, amounting to ₹57,00,000/- and ₹30,50,000/- respectively, were dishonored. The financial creditor issued a legal notice dated 19.10.2018

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## Issues and analysis

### Issue 1: Whether the application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** Section 7(5)(a) of the IBC states that the Adjudicating Authority must be satisfied that

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**Reasoning:** The Adjudicating Authority found that the application filed in the prescribed Form No.1

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**Interpretation:** Section 7 of the IBC provides the procedure for initiating the Corporate

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**Application:** The application was found to be complete, satisfying the requirement under

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## Parties

- **Judges:** Ajay Kumar…; RAGHU N…; +1 more
- **Appellants:** Vinay Y…
- **Respondents:** Jindal Buildtech…

## Timeline

- **2005-06-10 — Incorporation of…**: M/s Jindal Buildtech Private…
- **2015-12-08 — Disbursement…**: Part of the total debt of…

## 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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