# In the matter of Unigreen Global Private Limited CP No. IB- 39 (PB)-2017

> NCLT judgment dated 2017-05-08. Citation: TCN-2017-NCLT-00863. Unigreen Global Private Limited filed a petition under the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 8 May 2017
- **Citation:** TCN-2017-NCLT-00863
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unigreen-global-private-limited-cp-no-ib-39-pb-2017-741000f8

## Summary

### Background

Unigreen Global Private Limited filed a petition under the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The petition was filed by the corporate debtor itself. Several financial creditors, including Punjab National Bank and Oriental Bank of Commerce, raised objections to the admission of the petition, alleging that the corporate debtor had not disclosed full facts and had deliberately entangled its properties in legal webs to remove them from the reach of creditors. The financial creditors claimed that the directors of the corporate debtor manipulated the business and engaged in fraudulent activities, leading to the company's accounts becoming non-performing assets (NPA).

## Facts

Unigreen Global Private Limited filed a petition to initiate CIRP under the IBC, 2016. The company was incorporated on June 13, 2008. The company owes over Rs. 100 crores to four financial creditors: Punjab National Bank, Oriental Bank of Commerce, Corporation Bank, and Vijaya Bank. The financial creditors raised objections, stating that the corporate debtor had not disclosed full facts and had deliberately entangled its properties in legal webs. Punjab National Bank claimed that civil suits were deliberately engineered to remove mortgaged properties from accountability. The bank also alleged that the directors of the corporate debtor manipulated the business and engaged in fraudulent activities. The corporate debtor's directors, Anurag Garg and Ritu Garg, offered

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## Issues and analysis

### Issue 1: Whether the Corporate Insolvency Resolution Process (CIRP) should be initiated based on the …

**Ratio:** The initiation of CIRP requires the corporate debtor to come with clean hands and

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**Reasoning:** The Tribunal found that the corporate debtor had not disclosed full facts and had

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**Interpretation:** Section 65 of the IBC, 2016 allows the adjudicating authority to impose a

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**Application:** The Tribunal applied the principle that the corporate debtor must come with

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## Parties

- **Judges:** M. M. K…; R. VARADH…
- **Respondents:** Unigreen Global…; Punjab National…

## Timeline

- **2016-12-01 — Notification of IBC,…**: The provisions of Insolvency & Bankruptcy Code, 2016 have been notified by the Central…
- **2008-06-13 — Incorporation of…**: Unigreen Global Private Limited was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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