# 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-00719. 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-00719
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/united-seamless-tubulaar-privaet-limited-cp-ib-49-7-hdb-2017-68a2ea02

## Summary

### Background

The case pertains to an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016 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 loans. The case was instituted in April 2017.

## Facts

Indian Bank, the Financial Creditor, filed an application under Section 7 of the IBC against United Seamless Tubulaar Private Limited, the Corporate Debtor, due to 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 the loans. The case was instituted in April 2017. The Financial Creditor submitted all the necessary documents to support their claim. The court granted sufficient opportunities to both parties before proceeding with the order.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the IBC should be admitted for initiating Corporate …

**Ratio:** Section 7 of the IBC allows a financial creditor to initiate CIRP against a corporate

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**Reasoning:** The court found that the Corporate Debtor had defaulted on its financial obligations to

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**Interpretation:** Section 7 of the IBC is interpreted to mean that if a financial creditor can

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**Application:** The court applied the provisions of Section 7 to the facts of the case, where

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## Parties

- **Judges:** Rajeshwara Rao…; RavikumarDu…
- **Appellants:** Indian…
- **Respondents:** United Seamless…
- **Advocates:** V. K. S…

## Timeline

- **2016-09-30 — Date of D…**: The Corporate Debtor defaulted on its payment…
- **2017-04-01 — Case Insti…**: The Financial Creditor, Indian Bank, instituted the case against the Corporate Debtor in…

## 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)

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