# In the matter of United Seamless Tubulaar Privaet Limited CP (IB)-49-7-HDB-2017

> NCLT judgment dated 2017-07-20. Citation: TCN-2017-NCLT-00717. The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 20 Jul 2017
- **Citation:** TCN-2017-NCLT-00717
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/united-seamless-tubulaar-privaet-limited-cp-ib-49-7-hdb-2017-16b04828

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC) by Indian Bank, the financial creditor, against United Seamless Tubulaar Private Limited, the corporate debtor, due to default in repayment of outstanding dues. The corporate debtor failed to clear the outstanding amounts despite being aware of their obligation to pay. The case was instituted in April 2017.

## Facts

Indian Bank, the financial creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) against United Seamless Tubulaar Private Limited, the corporate debtor, due to a default in repayment of outstanding dues. The date of default was 30/09/2016. The corporate debtor failed to clear the outstanding amounts, even though they were aware of their obligation to pay outstanding loans. The application was instituted in April 2017. The financial creditor submitted all the necessary documents in support of their claim. The court granted sufficient opportunities to both parties before proceeding with the order.

## Issues and analysis

### Issue 1: Whether to admit the application under Section 7 of the Insolvency and Bankruptcy Code, 2016 for …

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

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**Reasoning:** The court considered the submissions of the financial creditor, the documents filed, and

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**Interpretation:** Section 7 of the IBC provides a mechanism for financial creditors to recover

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**Application:** The court applied Section 7 of the IBC to the facts of the case, finding that

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## Parties

- **Judges:** Rajeswara Rao…; Ravikumar…; +1 more
- **Respondents:** M/s United…; P. Gopal K…

## Timeline

- **2016-09-30 — Date of D…**: The corporate debtor defaulted on its…
- **2017-04-01 — Institution…**: The financial creditor, Indian Bank, instituted the case under Section 7 of the IBC…

## 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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