# In the matter of Super Multicolour Printers Pvt. Ltd. CP. No.8-Chd-2017

> NCLT judgment dated 2017-04-07. Citation: TCN-2017-NCLT-00919. Super Multicolor Printers Pvt. Ltd. filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 7 Apr 2017
- **Citation:** TCN-2017-NCLT-00919
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/super-multicolour-printers-pvt-ltd-cp-no8-chd-2017-65febc24

## Summary

### Background

Super Multicolor Printers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The application was filed as the Corporate Debtor itself. The company's financial difficulties were evident from its accumulated losses, declining revenue, and defaults in payments to financial and operational creditors. The company had previously been registered with the Board for Industrial and Financial Reconstruction (BIFR), but this registration was abated by the Sick Industrial Companies (Special Provisions) Repeal Act, 2003. Notices under Section 13(2) and 13(4) of the SARFAESI Act, 2002, had been issued by Punjab National Bank, Canara Bank, and ICICI Bank due to defaults in

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## Facts

Super Multicolor Printers Pvt. Ltd., a company based in Chandigarh, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) as a Corporate Applicant/Debtor. The company was incorporated on 21.07.1992. The company's authorized share capital is ₹6,00,00,000, and its paid-up capital is ₹5,45,77,750. The company's board has two directors: Sunil Guglani and Suman Guglani. The company defaulted on payments to financial creditors, including Punjab National Bank (₹110.70 crores), Canara Bank (₹67.12 crores), and ICICI Bank (₹8.15 crores). Notices under Section 13(2) and 13(4) of the SARFAESI Act, 2002, were issued by these banks. The total debt raised from financial creditors is ₹206.64

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## Issues and analysis

### Issue 1: Whether the application filed by Super Multicolor Printers Pvt. Ltd. under Section 10 of the …

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

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**Reasoning:** The NCLT considered the financial statements and representations made by the applicant,

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

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**Application:** In this case, Super Multicolor Printers Pvt. Ltd. is a corporate debtor, and it

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## Parties

- **Judges:** R.P.Nag…; Deepa Kr…; +1 more
- **Respondents:** Super Multicolor…

## Timeline

- **1992-07-21 — Company Incor…**: Super Multicolor Printers Pvt. Ltd. was incorporated with the Registrar of Companies,…
- **2015-12-10 — BIFR Ord…**: The Board of Industrial and Financial Reconstruction (BIFR) issued an order related to…

## Legal provisions

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

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