# In the matter of Modi Telecommunications Limited CP (IB) No.265-Chd-Hry-2019

> NCLT judgment dated 2020-01-24. Citation: TCN-2020-NCLT-02188. The petition was filed by Modi Telecommunications Limited, the Corporate Debtor itself, under…

- **Court:** NCLT
- **Order date:** 24 Jan 2020
- **Citation:** TCN-2020-NCLT-02188
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/modi-telecommunications-limited-cp-ib-no265-chd-hry-2019-1d060242

## Summary

### Background

The petition was filed by Modi Telecommunications Limited, the Corporate Debtor itself, under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor's CIN is U64202HR1992PLC034756. The company shifted its registered office from Delhi to Haryana. The petition was authorized by Ms. Asha Modi, Director, vide a Board resolution dated 27.03.2019. The petition was filed pursuant to a special resolution passed in the Extraordinary General Meeting of members of the corporate debtor held on 23.04.2019.

## Facts

Modi Telecommunications Limited, the corporate debtor, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The company's registered office is in Gurugram, Haryana. The authorized and paid-up share capital is ₹34,00,00,000/-. The petition was authorized by Ms. Asha Modi, Director, based on a Board resolution dated 27.03.2019 and a special resolution passed on 23.04.2019. The company's primary business involves telephone, telegraph, and wireless communications. The company did not opt for migration to the New Telecom Policy (NTP-1999). On 05.10.2000, the company allotted 6,85,000 unsecured debentures. An agreement dated 05.05.2017 stipulated the redemption of 1,31,000 debentures. YKM Holdings Private Limited requested the

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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:** Section 10(4) of the Insolvency and Bankruptcy Code, 2016 states that the Adjudicating

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**Reasoning:** The Adjudicating Authority found that the petitioner had placed on record all necessary

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**Interpretation:** Section 10(4) requires the Adjudicating Authority to assess the completeness of

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**Application:** The Adjudicating Authority applied Section 10(4) to the facts, noting that the

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## Parties

- **Judges:** Ajay Kumar…; Pradeep R.…
- **Respondents:** Modi Telecommunica…
- **Advocates:** V.K. Ma…; Vishav Bharti…; +1 more

## Timeline

- **1992-03-30 — Fresh Certificate of…**: Registrar of Companies, Delhi & Haryana…
- **2019-03-27 — Board Reso…**: Board resolution authorizing Ms.…

## 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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