# In the matter of Tirupati Inks Ltd. C.P. No. IB-314 (PB)-2017

> NCLT judgment dated 2017-11-02. Citation: TCN-2017-NCLT-00251. ICICI Bank Limited, the Financial Creditor, filed an application under Section 7 of the…

- **Court:** NCLT
- **Order date:** 2 Nov 2017
- **Citation:** TCN-2017-NCLT-00251
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tirupati-inks-ltd-cp-no-ib-314-pb-2017-a669cf06

## Summary

### Background

ICICI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Insolvency Resolution Process against M/s. Tirupati Inks Ltd., the Corporate Debtor. The Financial Creditor claimed that the Corporate Debtor had defaulted on its financial obligations. The Financial Creditor was incorporated on 05.01.1994. The Corporate Debtor was incorporated on 10.04.1984 with an authorized share capital of Rs. 26,00,00,000/- and a paid-up share capital of Rs. 25,09,98,000/-. The Financial Creditor proposed the name of Shri Mukesh Mohan as the Interim Resolution Professional (IRP). The Corporate Debtor defaulted in payment of dues not only to the Financial Creditor but also to other members of a consortium led

…

## Facts

ICICI Bank Limited, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against M/s. Tirupati Inks Ltd., the Corporate Debtor, due to a default in financial obligations. The Financial Creditor was incorporated on 05.01.1994, while the Corporate Debtor was incorporated on 10.04.1984. The Corporate Debtor's authorized share capital was Rs. 26,00,00,000/-, and the paid-up share capital was Rs. 25,09,98,000/-. The Financial Creditor proposed Shri Mukesh Mohan as the Interim Resolution Professional (IRP). The Corporate Debtor defaulted not only to the Financial Creditor but also to other members of a consortium led by Punjab National Bank (PNB). After

…

## Issues and analysis

### Issue 1: Whether the petitioner has been able to satisfy …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

…

**Reasoning:** The court perused the record and found overwhelming evidence that the 'Financial

…

**Interpretation:** Section 7 requires the financial creditor to demonstrate that a default has

…

**Application:** The court found that the Financial Creditor had provided sufficient evidence,

…

## Parties

- **Judges:** M. M. K…; DeepaKr…
- **Appellants:** ICICI Bank…
- **Respondents:** M/s. Tirupati…

## Timeline

- **1984-04-10 — Incorporation of…**: M/s. Tirupati Inks Ltd.…
- **1994-01-05 — Incorporation of…**: ICICI Bank Limited was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

---

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/tirupati-inks-ltd-cp-no-ib-314-pb-2017-a669cf06