# In the matter of New Tech Forge & Foundry Ltd. C.P. (I.B) No. 21-10-NCLT-AHM-2017

> NCLT judgment dated 2017-05-29. Citation: TCN-2017-NCLT-00845. The case pertains to a petition filed by New Tech Forge & Foundry Ltd. under Section 10 of the…

- **Court:** NCLT
- **Order date:** 29 May 2017
- **Citation:** TCN-2017-NCLT-00845
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/new-tech-forge-foundry-ltd-cp-ib-no-21-10-nclt-ahm-2017-466689a3

## Summary

### Background

The case pertains to a petition filed by New Tech Forge & Foundry Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The petitioner, New Tech Forge & Foundry Ltd., sought initiation of the corporate insolvency resolution process. The petition was filed before the National Company Law Tribunal (NCLT), Ahmedabad Bench. Several financial creditors, including State Bank of India, Oriental Bank of Commerce, Corporation Bank, State Bank of Hyderabad, and International Asset Reconstruction Company Pvt. Ltd., were involved. The proceedings were initiated because the company had defaulted on its debts. Prior to this, the company's reference to the BIFR

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## Facts

New Tech Forge & Foundry Ltd. filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the corporate insolvency resolution process. The company is registered under the Companies Act, 1956. The company's registered office is located in Rajkot. State Bank of India, Oriental Bank of Commerce, Corporation Bank, State Bank of Hyderabad, and International Asset Reconstruction Company Pvt. Ltd. are listed as Financial Creditors. The company had previously been subject to proceedings before the BIFR, which were later abated. Secured creditors had taken possession of the company's assets under the SARFAESI Act. The company admitted to defaulting on repayment of loans to Secured Creditors, Operational Creditors, and other

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## Issues and analysis

### Issue 1: Whether the petition filed by the Corporate Applicant, New Tech Forge & Foundry Ltd., under …

**Ratio:** Section 10(4)(a) of the Insolvency and Bankruptcy Code, 2016, provides for the admission

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**Reasoning:** The NCLT found that New Tech Forge & Foundry Ltd., being the Corporate

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

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**Application:** The NCLT applied Section 10(4)(a) of the IBC to the facts of the case, finding

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Respondents:** New Tech Forge &…; New Tech Forge…; +1 more

## Timeline

- **2017-05-11 — Petition…**: The petition was filed before…
- **2017-05-15 — Listing Before…**: The petition was listed before…

## 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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This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/new-tech-forge-foundry-ltd-cp-ib-no-21-10-nclt-ahm-2017-466689a3