# In the matter of UIC Corporation Private Limited C.P. No.(IB) 75-10-NCLT-AHM-2018

> NCLT judgment dated 2019-02-19. Citation: TCN-2019-NCLT-04777. UIC Corporation Private Limited filed a petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 19 Feb 2019
- **Citation:** TCN-2019-NCLT-04777
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/uic-corporation-private-limited-cp-noib-75-10-nclt-ahm-2018-0c59631d

## Summary

### Background

UIC Corporation Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP). The company is registered under the Companies Act and has a registered office in Village Kherdi, Silvassa, Union Territory of Dadra & Nagar Haveli. The company has a paid-up share capital of Rs. 1300.00 lacs. The application was filed in statutory form No. 6 as prescribed by the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016. The Board of Directors of UIC Corporation Private Limited resolved on January 23, 2018, to authorize Mr. Bhushan Chandrakant Vayeda to file the petition before the NCLT.

## Facts

UIC Corporation Private Limited, the corporate debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company is registered under the Companies Act and has a registered office in Village Kherdi, Silvassa, Union Territory of Dadra & Nagar Haveli. The company has a paid-up share capital of Rs. 1300.00 lacs. The application was filed in statutory form No. 6. The Board of Directors of UIC Corporation Private Limited resolved on January 23, 2018, to authorize Mr. Bhushan Chandrakant Vayeda to file the petition before the NCLT. The company has financial creditors, including State Bank of India and Union Bank of India, with total debts of Rs. 401,390,944.39 and Rs.

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Debtor under Section 10 of the Insolvency and …

**Ratio:** Under Section 10 of the Code, the Adjudicating Authority is not empowered to go beyond

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**Reasoning:** The Adjudicating Authority perused the petition and found it to be complete in all

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**Interpretation:** Section 10 of the IBC outlines the requirements for a corporate debtor to

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**Application:** The Adjudicating Authority determined that the application filed by UIC

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** UIC CORPOATION…
- **Respondents:** UIC Corporation…; State Bank of…

## Timeline

- **2018-01-23 — Board Reso…**: The Board of Directors of M/s. UIC Corporation Private Limited resolved to authorize Mr.…
- **2014-09-30 — NPA Decla…**: Union Bank of India stated that the account of corporate debtor was declared as…

## 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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