# In the matter of Print House (India) Limited CP-82-I&BC-NCLT-MB-MAH-2018

> NCLT judgment dated 2018-10-09. Citation: TCN-2018-NCLT-00625. The case involves a petition filed by Print House (India) Private Limited under Section 10 of…

- **Court:** NCLT
- **Order date:** 9 Oct 2018
- **Citation:** TCN-2018-NCLT-00625
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/print-house-india-limited-cp-82-ibc-nclt-mb-mah-2018-068a61cb

## Summary

### Background

The case involves a petition filed by Print House (India) Private Limited under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to declare itself insolvent. The company, originally incorporated as Mazda Hospital and Industrial equipment Pvt. Ltd. in 1987, changed its name in 1999. Several financial creditors, including The Shamrao Vithal Cooperative Bank, Landesbank Baden Wurttemberg (LBW), Standard Chartered Bank, and Sumitomo Mitsui Finance and Leasing Co. Ltd., have outstanding dues from the corporate debtor. LBW and Standard Chartered Bank had previously filed winding-up petitions in the Bombay High Court, which were later recalled due to settlements. Pegasus Assets Reconstruction Private Limited had also issued a SARFAESI notice. The corporate

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## Facts

Print House (India) Private Limited filed a petition under Section 10 of the Insolvency & Bankruptcy Code, 2016, to declare itself insolvent. The company was originally incorporated as Mazda Hospital and Industrial equipment Pvt. Ltd. on 09.01.1987 and changed its name to Print House (India) Private Limited on 29.12.1999. As of 31.03.2017, the company had outstanding loans and credit facilities with various financial institutions, including The Shamrao Vithal Cooperative Bank (₹37,28,54,570/-), Landesbank Baden Wurttemberg (₹8,90,07,010/-), Standard Chartered Bank (₹10,19,35,753/-), and Sumitomo Mitsui Finance and Leasing Co. Ltd. (₹15,20,15,596/-). Landesbank Baden Wurttemberg and Standard Chartered Bank had previously filed winding-up petitions against the

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## Issues and analysis

### Issue 1: Whether the requirements of Section 10 of the Insolvency & Bankruptcy Code, 2016, have been met …

**Ratio:** Section 10 of the Insolvency & Bankruptcy Code, 2016, allows a corporate debtor to

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**Reasoning:** The NCLT examined the evidence on record and found that there was a 'Debt' and admittedly

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor facing financial

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**Application:** In this case, the NCLT found that the evidence established the existence of

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## Parties

- **Judges:** M.K. Sh…
- **Respondents:** Print House…
- **Advocates:** Sneha P…; Rubina…

## Timeline

- **1987-01-09 — Company Incor…**: The Company was incorporated as Mazda…
- **1999-12-29 — Name Cha…**: The company changed its name to…

## 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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