# In the matter of Sky Blue Papers Pvt Ltd CP. No. 09-Chd-2017

> NCLT judgment dated 2017-04-07. Citation: TCN-2017-NCLT-00918. The case involves an application for initiating Corporate Insolvency Resolution Process (CIRP)…

- **Court:** NCLT
- **Order date:** 7 Apr 2017
- **Citation:** TCN-2017-NCLT-00918
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/sky-blue-papers-pvt-ltd-cp-no-09-chd-2017-3f4321f2

## Summary

### Background

The case involves an application for initiating Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) by Sky Blue Papers Pvt. Ltd., the Corporate Debtor itself. The application was filed before the National Company Law Tribunal (NCLT), Chandigarh Bench. The company was incorporated on 06.03.2014. The application seeks a moratorium under Sections 13 and 14 of the IBC. The Corporate Debtor has defaulted on payments to financial and operational creditors.

## Facts

Sky Blue Papers Pvt. Ltd., the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 06.03.2014. The authorized share capital of the company is ₹2,50,00,000, and the subscribed and paid-up share capital is ₹2,35,00,000. The company has two directors, Ashwani Soni and Sahil Arora. The company defaulted on payments to financial creditors, including Punjab National Bank (₹16.71 crores), Kotak Mahindra Prime Ltd. (₹0.14 crores), and Tata Capital Financial Services Ltd. (₹0.06 crores), and operational creditors, including government departments (₹1.58 crores) and raw material suppliers (₹0.18 crores). Punjab National Bank had issued

…

## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Debtor under Section 10 of the Insolvency and …

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

…

**Reasoning:** The NCLT examined the application and found that the Corporate Debtor had filed the

…

**Interpretation:** Section 10 of the IBC provides a mechanism for a corporate debtor to initiate

…

**Application:** The NCLT applied the provisions of Section 10 and Rule 7(1) to the facts of the

…

## Parties

- **Judges:** R.P.Nag…; Deepa Kr…; +1 more
- **Respondents:** Sky Blue Papers…; Sky blue Papers…

## Timeline

- **2014-03-06 — Company Incor…**: Sky Blue Papers Pvt.…
- **2016-06-17 — SARFAESI Act…**: Punjab National Bank issued notice under…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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/sky-blue-papers-pvt-ltd-cp-no-09-chd-2017-3f4321f2