# in the matter of Unity Infraprojects Ltd. CP No. 1058-MAH-2017

> NCLT judgment dated 2017-06-20. Citation: TCN-2017-NCLT-00792. Unity Infraprojects Limited filed a Company Petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 20 Jun 2017
- **Citation:** TCN-2017-NCLT-00792
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/unity-infraprojects-ltd-cp-no-1058-mah-2017-73780a57

## Summary

### Background

Unity Infraprojects Limited filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating the Corporate Insolvency Resolution Process. The Corporate Debtor's registered office is located in Mumbai and was incorporated on 09.04.1997. The Board of Directors authorized Mr. Madhav G. Nadkarni to file the application. The Corporate Debtor disclosed a default of Rs. 384.49 crores to various Financial Institutions from 30.12.2014. ICICI Bank issued a notice on 18.05.2017 recalling financial assistance of Rs. 412,33,00,000/- and issued a statutory notice u/s 13(2) of the Securitization and Reconstruction of the Financial Assets and the

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## Facts

Unity Infraprojects Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process. The Corporate Debtor, Unity Infraprojects Limited, incorporated on 09.04.1997, has its registered office in Mumbai. The Board of Directors authorized Mr. Madhav G. Nadkarni to file the necessary application. The Corporate Debtor disclosed a default of Rs. 384.49 crores to various Financial Institutions from 30.12.2014. ICICI Bank issued a notice on 18.05.2017, recalling financial assistance of Rs. 412,33,00,000/- and issued a statutory notice u/s 13(2) of the Securitization and Reconstruction of the Financial Assets and the Enforcement of Security Interest Act, 2002. The Corporate Debtor submitted

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## Issues and analysis

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

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

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**Reasoning:** The court examined the Corporate Debtor's financial statements, the notice from ICICI

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**Interpretation:** The court interpreted the evidence presented as sufficient proof of a default,

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**Application:** Based on the disclosed default of Rs. 384.49 crores to various Financial

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## Parties

- **Judges:** B.S.V. Prakash…; V. Nallasen…
- **Respondents:** Unity Infraproject…
- **Advocates:** Ashish K…; Abhishek…; +2 more

## Timeline

- **1997-04-09 — Incorporation of…**: Unity Infraprojects…
- **2014-12-30 — Default to Financial…**: The Corporate Debtor defaulted on payments to various Financial Institutions, amounting…

## 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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