# In the matter of Synew Steel Private Limited CP (IB) No. 96-BB-2020

> NCLT judgment dated 2020-06-30. Citation: TCN-2020-NCLT-01096. The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 30 Jun 2020
- **Citation:** TCN-2020-NCLT-01096
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/synew-steel-private-limited-cp-ib-no-96-bb-2020-937e86ec

## Summary

### Background

The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 7 of the I&B (Application to Adjudicating Authority) Rules, 2016, by Synew Steel Private Limited, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company claimed to have defaulted on a total amount of Rs. 1,18,56,964/-, which includes dues to both Financial Creditors (Rs. 27,84,394/-) and Operational Creditors (Rs. 90,72,570/-). The company cited unfavorable business environment and economic scenario as reasons for its inability to repay the debts.

## Facts

Synew Steel Private Limited, incorporated on 24.03.2008, filed an application under Section 10 of the IBC, 2016, seeking to initiate CIRP. The company's authorized share capital is Rs. 10,00,00,000/-, and its paid-up share capital is Rs. 4,96,25,000/-. The company defaulted on payments to Financial Creditors amounting to Rs. 27,84,394/- and Operational Creditors amounting to Rs. 90,72,570/-, totaling Rs. 1,18,56,964/-. The Financial Creditors include Vinod R Tanti, Samanvaya Holdings Private Limited, and Tanti Holdings Private Limited. The Operational Creditors include Hatch Associates India Private Limited, Hatch Associates UK, Jalakam Solutions Private Limited, Korn Ferry International, NL, and M.N. Dastur R. Co. Private Limited. The company's Board of Directors

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## Issues and analysis

### Issue 1: Whether the application filed by Synew Steel Private Limited under Section 10 of the IBC, 2016, for …

**Ratio:** Section 10 of the IBC, 2016, allows a Corporate Applicant to file an application for

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**Reasoning:** The Adjudicating Authority considered the pleadings and the provisions of the IBC to

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor to initiate CIRP when it

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**Application:** The Adjudicating Authority found that Synew Steel Private Limited had committed

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Appellants:** Nilesh Vallabhdas…
- **Respondents:** Synew Steel…
- **Advocates:** Akshay P…

## Timeline

- **2008-03-24 — Incorporation of Synew…**: Synew Steel Private Limited was…
- **2015-11-04 — Conversion to Private…**: The Company was converted into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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