# In the matter of Maxim Infra Venues Pvt. Ltd. CP (IB) No. 131-Chd-HP-2018

> NCLT judgment dated 2018-09-13. Citation: TCN-2018-NCLT-00765. The case pertains to an application filed by Maxim Infra Venue Private Limited under Section 10…

- **Court:** NCLT
- **Order date:** 13 Sept 2018
- **Citation:** TCN-2018-NCLT-00765
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/maxim-infra-venues-pvt-ltd-cp-ib-no-131-chd-hp-2018-5a29afb9

## Summary

### Background

The case pertains to an application filed by Maxim Infra Venue Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The corporate applicant, incorporated on April 21, 2015, with its registered office in Una, Himachal Pradesh, faced financial difficulties due to delays in plant erection and a general business slowdown, leading to its inability to service debt obligations. The State Bank of India and Vinayak Construction Company are identified as financial creditors. The application was filed through Mr. Tushar Sharma, a director authorized by a board resolution. The corporate applicant stated that it has no operational creditors and no statutory dues towards employees.

## Facts

Maxim Infra Venue Private Limited, incorporated on 21.04.2015, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company's registered office is located in Una, Himachal Pradesh. The authorized and paid-up share capital is ₹1,00,000. The application was filed through Mr. Tushar Sharma, a director authorized by a board resolution dated 11.04.2018. The company's main objects include purchasing land and developing residential or commercial complexes. The State Bank of India advanced financial facilities to the tune of ₹1,23,00,000. The company faced financial difficulties due to delays in plant erection and a general business slowdown, leading to its inability to service

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Applicant under Section 10 of the Insolvency and …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for a

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**Reasoning:** The Adjudicating Authority noted that the defects in the application, as pointed out on

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**Interpretation:** The interpretation of Section 10 requires the Adjudicating Authority to ensure

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**Application:** In this case, the Adjudicating Authority found that the defects in the

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** Maxim Infra Venue…

## Timeline

- **2015-04-21 — Incorporation of…**: Maxim Infra Venue Private…
- **2018-04-11 — Board Reso…**: Board Resolution passed authorizing Mr.…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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