# In the matter of Synergies Dooray Automotive Ltd

> NCLT judgment dated 2017-01-23. Citation: TCN-2017-NCLT-00985. The case involves a Company Petition filed by Synergies-Dooray Automotive Limited (SDAL), the…

- **Court:** NCLT
- **Order date:** 23 Jan 2017
- **Citation:** TCN-2017-NCLT-00985
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/synergies-dooray-automotive-ltd-a4b0a406

## Summary

### Background

The case involves a Company Petition filed by Synergies-Dooray Automotive Limited (SDAL), the Corporate Debtor, under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC). The petitioner was previously registered with BIFR as Case No. 135 of 2005, with a scheme pending before BIFR. During the pendency of proceedings, BIFR directed the dues of EXIM bank to be settled at 26.66% of the principal. Alchemist Asset Reconstruction Company Co. Ltd (AARC) controls 55% and Edelweiss has 45% of the Debt. The Registry scrutinized the Company Petition and found it complete in all respects as per law.

## Facts

Synergies-Dooray Automotive Limited (SDAL) filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC). SDAL was previously registered with the Board for Industrial and Financial Reconstruction (BIFR) as Case No. 135 of 2005, with a scheme pending. During the BIFR proceedings, an order dated 2012-05-29 directed EXIM bank dues to be settled at 26.66% of the principal. EXIM bank filed an appeal against this order, which is pending. A BIFR order dated 2013-06-25 held that Alchemist Asset Reconstruction Company Co. Ltd (AARC) controls 55% and Edelweiss has 45% of the debt. Edelweiss filed an appeal against this order. With the notification of the SICA Repeal Act, 2003, all proceedings before BIFR/AAIFR abated. The Corporate Debtor passed a

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## Issues and analysis

### Issue 1: Whether the Company Petition filed by Synergies-Dooray Automotive Limited under Section 10 of the …

**Ratio:** Section 10 of the IBC allows a Corporate Applicant to file an application for initiating

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**Reasoning:** The court was satisfied that the Company Petition was complete in all respects as per law

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

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**Application:** The court applied Section 10 of the IBC to the facts of the case, considering

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## Parties

- **Judges:** Rajeswara Rao…; Ravikumar…; +1 more
- **Respondents:** Synergies-Dooray…
- **Advocates:** A.D. G…

## Timeline

- **2005-01-01 — BIFR Regist…**: Petitioner Company was registered…
- **2012-05-29 — BIFR Ord…**: BIFR directed EXIM bank dues to be…

## 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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