# In the matter of United Seamless Tubulaar Pvt. Ltd. CP(IB) 49-7-HDB-2017

> NCLT judgment dated 2017-06-12. Citation: TCN-2017-NCLT-00813. The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code…

- **Court:** NCLT
- **Order date:** 12 Jun 2017
- **Citation:** TCN-2017-NCLT-00813
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/united-seamless-tubulaar-pvt-ltd-cpib-49-7-hdb-2017-6af395ac

## Summary

### Background

The case involves an application filed under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016, read with Rule 4 of the Insolvency and Bankruptcy code, 2016 (Application to Adjudicating Authority) Rules, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor, United Seamless Tubulaar Private Limited. Indian Bank, the Financial Creditor, claims that the Corporate Debtor defaulted on loan repayments.

## Facts

Indian Bank, the Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against United Seamless Tubulaar Private Limited, the Corporate Debtor. The Financial Creditor had sanctioned various credit facilities to the Corporate Debtor, including OCC, Adhoc OCC, and Bank Guarantee. The total amount in default was Rs. 234,89,40,541.90 as of 30/09/2016. The Corporate Debtor failed to clear the outstanding amounts despite being aware of its repayment obligations. The Financial Creditor submitted that the application and all material documents were sent to the Corporate Debtor. The case was taken up for admission on 25/04/2017, and the Tribunal ordered notice to the Respondents, but no one appeared on

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on its financial obligations to the Financial Creditor, …

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

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**Reasoning:** The court relied on the documents submitted by the Financial Creditor, which demonstrated

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**Interpretation:** The interpretation of Section 7 of the IBC requires the Financial Creditor to

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**Application:** The ratio and reasoning were applied to the specific facts of the case, where

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## Parties

- **Judges:** Rajeswara Rao…; Ravikumar…; +1 more
- **Appellants:** M/s. India…
- **Respondents:** M/s United…

## Timeline

- **1970-07-21 — Nationalisation of…**: Indian Bank, Hyderabad Main…
- **2014-08-01 — Sanction of Credit…**: Indian Bank sanctioned OCC,…

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