# In the matter of Tierra Food India Pvt. Ltd. IBA-39-KOB-2020

> NCLT judgment dated 2021-02-03. Citation: TCN-2021-NCLT-03136. The case pertains to an application filed by Alex Thomas, Managing Director of M/s Tierra Food…

- **Court:** NCLT
- **Order date:** 3 Feb 2021
- **Citation:** TCN-2021-NCLT-03136
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tierra-food-india-pvt-ltd-iba-39-kob-2020-a370e851

## Summary

### Background

The case pertains to an application filed by Alex Thomas, Managing Director of M/s Tierra Food India Private Limited, as a Corporate Applicant, under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against M/s Tierra Food India. The Corporate Debtor was incorporated on 06.11.2009. The Financial Creditor, Kerala State Industrial Development Corporation Limited (KSIDC), had no objection to the admission of the application.

## Facts

Alex Thomas, Managing Director of M/s Tierra Food India Private Limited, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP) against the company. M/s Tierra Food India Private Limited, incorporated on 06.11.2009, is the Corporate Debtor. The authorized share capital of the company is ₹5,00,000. The Corporate Debtor's main business involves the purchase, sale, import, export, process, and manufacture of food products. The Corporate Applicant submitted that the total term loan sanctioned was Rupees 64,850 lakhs from KSIDC. The Corporate Debtor defaulted in repayment of Rupees 27.02 Lakhs due from 05.05.2014 to 05.02.2019 of ₹540.40 lakhs and defaulted in payment of interest of

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## Issues and analysis

### Issue 1: Whether the application for initiating Corporate Insolvency Resolution Process against M/s Tierra …

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

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**Reasoning:** The court considered the application filed by the Corporate Applicant, the financial

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor to initiate insolvency

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**Application:** The Corporate Applicant, M/s Tierra Food India Private Limited, filed the

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## Parties

- **Judges:** Ashok Kumar…
- **Appellants:** Alex Th…
- **Respondents:** M/s Tierra Food…; M/s Kerala State…

## Timeline

- **2009-11-06 — Incorporation of…**: M/s Tierra Food India Private…
- **2020-11-05 — Special Res…**: Special Resolution was passed authorizing the…

## 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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