# In the matter of Kingfisher Industries Private Limited CP (IB) No. 12-Chd-Pb-2018 alongwith CA No. 69-2018

> NCLT judgment dated 2018-03-20. Citation: TCN-2018-NCLT-01672. Kingfisher Industries Private Limited filed a petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Mar 2018
- **Citation:** TCN-2018-NCLT-01672
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kingfisher-industries-private-limited-cp-ib-no-12-chd-pb-2018-alongwith-ca-no-69-469b2099

## Summary

### Background

Kingfisher Industries Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company, registered in Ludhiana, Punjab, declared itself as a Corporate Debtor-Applicant. Allahabad Bank, a secured financial creditor, opposed the petition, citing outstanding debts and questioning the applicant's financial disclosures. The bank had also initiated actions under the SARFAESI Act, 2002, against the company. The NCLT considered the application, objections raised by Allahabad Bank, and relevant provisions of the IBC.

## Facts

Kingfisher Industries Private Limited, a company registered in Ludhiana, Punjab, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company declared itself as a Corporate Debtor-Applicant. Allahabad Bank, a secured financial creditor, opposed the petition, claiming the company had defaulted on debts amounting to ₹14,40,06,724.22 as of 28.11.2017. The bank had also declared the company's account as NPA and initiated actions under the SARFAESI Act, 2002, including issuing a possession notice. The company's authorized share capital was 3 crores, and its paid-up share capital was 2,86,00,000. The company also had unsecured financial debts and operational debts. The company's

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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 an application under Section 10 if it is satisfied

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**Reasoning:** The NCLT reasoned that the Corporate Debtor had provided the necessary information as

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**Interpretation:** Section 10 of the I&B Code confers a discretion on the Tribunal to either

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**Application:** In this case, the NCLT found that the Corporate Debtor had committed a default

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** Kingfisher…; Allahabad…

## Timeline

- **2012-04-11 — Incorporation of…**: Kingfisher Industries Private…
- **2016-02-08 — Possession…**: Allahabad Bank issued the Possession Notice in…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5 — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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