# In the matter of Miditech Private Limited CP No. (IB)-432-(ND)-2017

> NCLT judgment dated 2018-02-16. Citation: TCN-2018-NCLT-01810. The case pertains to an application filed by M/s Miditech Private Limited under Section 10 of…

- **Court:** NCLT
- **Order date:** 16 Feb 2018
- **Citation:** TCN-2018-NCLT-01810
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/miditech-private-limited-cp-no-ib-432-nd-2017-a1a64626

## Summary

### Background

The case pertains to an application filed by M/s Miditech Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The applicant, M/s Miditech Private Limited, is the corporate debtor. The application was filed due to the company's inability to service its interest dues to Canara Bank and Jupiter Capital Private Limited, leading to default. Canara Bank raised objections, alleging diversion of funds by the applicant to related companies and questioning the completeness of the application.

## Facts

M/s Miditech Private Limited, the applicant and corporate debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company had availed credit facilities from Canara Bank and Jupiter Capital Private Limited. Due to an economic slowdown in 2008 and other reasons, the company suffered losses and defaulted on its interest dues. Canara Bank declared the company's account as a Non-Performing Asset (NPA) on 17.04.2015 and issued a recall notice for Rs. 850.32 lacs. Canara Bank also filed O.A No. 923 of 2017 before the Debts Recovery Tribunal, Delhi, for recovery of dues. The applicant company admitted to committing default, which exceeded the minimum amount of one lakh rupees

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## Issues and analysis

### Issue 1: Whether the application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** Section 10(4)(a) of the Code mandates the Adjudicating Authority to admit the application

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**Reasoning:** The court found that the application was complete and that the applicant corporate debtor

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**Interpretation:** The completeness of the application is a prerequisite for its admission under

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**Application:** In this case, the court determined that the application was complete based on

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## Parties

- **Judges:** Ina Mal…; S. K. MOH…
- **Respondents:** M/s Miditech…; Canara…

## Timeline

- **1997-07-31 — Incorporation of M/s…**: M/s Miditech Private Limited was…
- **2008-01-01 — Economic Sl…**: An economic slowdown affected the…

## Legal provisions

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

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