# In the matter of Pawar Electro Systems Private Limited C.P. (IB) 1587-(MB)-2019

> NCLT judgment dated 2019-09-06. Citation: TCN-2019-NCLT-01536. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 6 Sept 2019
- **Citation:** TCN-2019-NCLT-01536
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/pawar-electro-systems-private-limited-cp-ib-1587-mb-2019-5d07a7a9

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, before the National Company Law Tribunal (NCLT), Mumbai Bench. The application was filed by IDBI Bank Limited against Pawar Electro Systems Private Limited.

## Facts

IDBI Bank Limited filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Pawar Electro Systems Private Limited. The application was heard by the Mumbai Bench of the National Company Law Tribunal (NCLT) on September 6, 2019. The Ld. Counsel for the Petitioner presented arguments, which the NCLT considered. The NCLT admitted the petition and appointed Mr. Girish Siriram Juneja as the Interim Resolution Professional (IRP). A detailed judgment is to be issued later.

## Issues and analysis

### Issue 1: Whether the application filed by IDBI Bank Limited under Section 7 of the Insolvency and Bankruptcy …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The NCLT considered the arguments presented by the Ld. Counsel for the Petitioner and

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**Interpretation:** Section 7 provides the mechanism for a financial creditor to trigger the

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**Application:** The ratio and reasoning were applied to the facts presented by IDBI Bank

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## Parties

- **Judges:** V. P. S…; RAJESH S…
- **Appellants:** IDBI Bank L…
- **Respondents:** Pawar Electro…

## Timeline

- **2019-09-06 — Hearing…**: Hearing of the Mumbai Bench of the…
- **2019-09-06 — Petition Ad…**: The petition filed by IDBI…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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