# in the matter of New Tech Fittings Ltd. CP. No.(IB) 23-10-NCLT-Ahm-2017

> NCLT judgment dated 2017-05-23. Citation: TCN-2017-NCLT-00855. The case pertains to a petition filed by New Tech Fittings Pvt. Ltd. under Section 10 of the…

- **Court:** NCLT
- **Order date:** 23 May 2017
- **Citation:** TCN-2017-NCLT-00855
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-tech-fittings-ltd-cp-noib-23-10-nclt-ahm-2017-4d47f818

## Summary

### Background

The case pertains to a petition filed by New Tech Fittings Pvt. Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). Rajkot Nagarik Sahakari Bank Limited is identified as the Financial Creditor. The Corporate Applicant admitted to defaulting on debt repayment to the Secured Creditor and Operational Creditors. Proceedings before the Board for Industrial and Financial Reconstruction (BIFR) were pending but abated due to the SARFAESI Act, under which the bank had taken possession of the company's assets. The petition was filed before the Adjudicating Authority on May 11, 2017, and the petitioner provided proof of service to the secured creditor. The Adjudicating Authority directed the

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## Facts

New Tech Fittings Pvt. Ltd. filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). Rajkot Nagarik Sahakari Bank Limited is the Financial Creditor. The total debt was Rs. 506.52 lakhs. The Corporate Applicant mortgaged its immoveable properties. The Corporate Applicant admitted to defaulting on debt repayment to the Secured Creditor and Operational Creditors. Proceedings before the Board for Industrial and Financial Reconstruction (BIFR) were pending but abated because the Bank had taken possession of the Company's assets under the SARFAESI Act. The petition was filed on May 11, 2017. The Corporate Applicant furnished information as required under Section 10 of the Code and

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## Issues and analysis

### Issue 1: Whether the petition filed by the Corporate Applicant, New Tech Fittings Pvt. Ltd., under Section …

**Ratio:** Section 10(4)(a) of the Insolvency and Bankruptcy Code, 2016 allows the Adjudicating

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**Reasoning:** The Adjudicating Authority considered the statements made in the petition, which

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**Interpretation:** Section 10 of the IBC allows a corporate debtor to initiate CIRP if it has

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**Application:** The Corporate Applicant, New Tech Fittings Pvt. Ltd., admitted to defaulting on

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Respondents:** New Tech Fittings…; Rajkot Nagarik…

## Timeline

- **2017-01-13 — IP Regist…**: Shri Devendra Padamchand Jain received IP Registration No.…
- **2009-07-28 — BIFR Ord…**: Order of the Board for Industrial and Financial Reconstruction (BIFR) made in Case No.…

## 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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