# In the matter of Panchkoti Traders Private Limited C.P. (I.B) No. 122-KB-2021

> Read the full IBC case summary for In the matter of Panchkoti Traders Private Limited C.P. (I.B) No. 122-KB-2021. NCLT judgment dated 2022-04-20. Citation:…

- **Court:** NCLT
- **Order date:** 20 Apr 2022
- **Citation:** TCN-2022-NCLT-04952
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/panchkoti-traders-private-limited-cp-ib-no-122-kb-2021-b88a7c41

## Summary

### Background

The Corporate Applicant, Panchkoti Traders Private Limited, filed a petition under section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate its own Corporate Insolvency Resolution Process (CIRP) due to financial distress and inability to pay its debts.

## Facts

Panchkoti Traders Private Limited, the Corporate Applicant, filed a petition under section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself. The application was supported by a Board Resolution dated February 26, 2021, authorizing its Director, Mr. Pratush Drolia, to file the application. This resolution was annexed as Annexure-B to the application.

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## Issues and analysis

### Issue 1: Whether the Corporate Applicant has fulfilled the requirements under section 10 of the Insolvency…

**Ratio:** An application under section 10 of the IBC for initiating CIRP against a corporate debtor…

**Reasoning:** The Corporate Applicant submitted all necessary documents, including board resolutions,…

**Interpretation:** The court interpreted **section 10** of the IBC to mean that a corporate…

**Application:** The Corporate Applicant provided evidence of its negative net worth,…

## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Advocates:** For Corporate…; Manju Bhuteria,…; +2 more

## Timeline

- **February 26, 2021 — Board Reso…**: Board Resolution passed authorizing Mr.…
- **April 1, 2021 — Extra Ordinary General…**: Members of the Corporate Applicant gave consent to file the application under section 10…

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