# in the matter of Ultra Drytech Engineering Ltd. CP No. 29-NCLT-MAH-2017

> NCLT judgment dated 2017-03-06. Citation: TCN-2017-NCLT-00957. The case involves a company petition filed by M/s Ultra Drytech Engineering Limited under…

- **Court:** NCLT
- **Order date:** 6 Mar 2017
- **Citation:** TCN-2017-NCLT-00957
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ultra-drytech-engineering-ltd-cp-no-29-nclt-mah-2017-9c46e222

## Summary

### Background

The case involves a company petition filed by M/s Ultra Drytech Engineering Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process. The Corporate Debtor, Ultra Drytech Engineering Ltd., states that its registered office is located in Mumbai and was incorporated on 10-09-1986. The Board of Directors authorized Mr. Rajive Prasad to file the application under the I&B Code, 2016. The corporate debtor has named Mr. Lalit Laxminarayan Bajaj as the interim resolution professional.

## Facts

Ultra Drytech Engineering Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process. The corporate debtor's registered office is in Mumbai, incorporated on 10-09-1986. The Board authorized Mr. Rajive Prasad to file the application. The total amount in default is Rs. 18,36,90,000/-. One Sicom Investment and Finance Ltd., a financial creditor, issued a notice dated 18.04.2016 under sections 138 & 141 of the Negotiable Instruments Act, 1881, for Rs. 5 crores. Canara Bank issued a notice on 25.01.2017 for Rs. 9,94,34,018/-, disclosing an attachment from sales tax authorities for Rs. 16,64,13,626. The corporate debtor provided financial statements for 2014-15 and 2015-16, and

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor has committed a default under Section 10 of the Insolvency and …

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

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**Reasoning:** The court reviewed the petition and supporting documents, including notices from

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**Interpretation:** The court interpreted Section 10 to mean that if a corporate debtor is unable

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**Application:** Based on the evidence presented, the court determined that Ultra Drytech

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Respondents:** ULTRA DRYTECH…

## Timeline

- **1986-09-10 — Incorporation of…**: Ultra Drytech Engineering…
- **2016-04-18 — Notice from One Sicom Investment and Finance…**: One Sicom Investment and Finance Ltd. issued a notice under sections 138 & 141 of the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 138 — Discharge order](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-138)

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