# In the matter of SECL Industries Pvt. Ltd. CP (IB) No. 91-Chd-Pb-2017

> NCLT judgment dated 2017-10-25. Citation: TCN-2017-NCLT-00263. SECL Industries Pvt. Ltd. filed a petition under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 25 Oct 2017
- **Citation:** TCN-2017-NCLT-00263
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/secl-industries-pvt-ltd-cp-ib-no-91-chd-pb-2017-923d96e2

## Summary

### Background

SECL Industries Pvt. Ltd. filed a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company, registered in Bathinda, Punjab, declared itself as a Corporate Debtor-Applicant. The application was filed in Form No.6 as prescribed under Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The corporate debtor proposed Mr. Alok Kaushik as the Interim Resolution Professional (IRP). The company's financial difficulties included defaults to financial creditors like Punjab National Bank, HDFC Bank Ltd., and AXIS Bank Ltd., as well as operational creditors. The account of the corporate debtor was declared as NPA by all the 3 Banks who are

…

## Facts

SECL Industries Pvt. Ltd., a company registered in Bathinda, Punjab, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The company declared itself as a Corporate Debtor-Applicant. The application was filed in Form No.6 as prescribed under Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The corporate debtor proposed Mr. Alok Kaushik as the Interim Resolution Professional (IRP). The company's financial difficulties included defaults to financial creditors like Punjab National Bank (owed ₹99,42,45,461.25), HDFC Bank Ltd. (owed ₹23,47,47,609.80), and AXIS Bank Ltd. (owed ₹2,22,45,939). The total debt in default towards

…

## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Debtor under Section 10 of the IBC, 2016 is complete …

**Ratio:** Section 10 of the IBC, 2016, read with Rule 7 of the Insolvency and Bankruptcy

…

**Reasoning:** The Adjudicating Authority perused the application filed by the Corporate Debtor in Form

…

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

…

**Application:** In this case, the Corporate Debtor's application was found to be complete and

…

## Parties

- **Judges:** R.P.Nag…
- **Respondents:** SECL Industries…; SECL Industries…

## Timeline

- **2008-01-29 — Incorporation of…**: SECL Industries Pvt.…
- **2016-04-30 — Default…**: Amount of default in respect of Cash Credit Account and Term Loans Account, total…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5 — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

---

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/secl-industries-pvt-ltd-cp-ib-no-91-chd-pb-2017-923d96e2