# In the matter of Worlds Window Impex India Pvt. Ltd.  I.A. No. 156-ND-2021 in connected with IB-1772-(ND)-2019

> NCLT judgment dated 2021-04-13. Citation: TCN-2021-NCLT-02391. The case involves an application (I.A. No. 156/ND/2021) filed by M/s Worlds Window Impex…

- **Court:** NCLT
- **Order date:** 13 Apr 2021
- **Citation:** TCN-2021-NCLT-02391
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/worlds-window-impex-india-pvt-ltd-ia-no-156-nd-2021-in-connected-with-ib-1772-nd-6f1ff532

## Summary

### Background

The case involves an application (I.A. No. 156/ND/2021) filed by M/s Worlds Window Impex (India) Pvt. Ltd., who is the respondent in the main matter (IB no. 1772/(ND)/2019), seeking a direction to M/s Pan Asia Project Development Fund India & Anr, the applicant in the main matter, to produce balance sheets from 2008-09 to 2018-19. The applicant in the I.A. argues that the respondent in the main matter did not provide any financial or credit facility to them. The respondent in the main matter alleges that the investment was made vide share subscription agreement and falls under the ambit of financial credit as per Section 7 of the IBC, 2016.

## Facts

M/s Worlds Window Impex (India) Pvt. Ltd., the respondent in the main matter (IB no. 1772/(ND)/2019), filed an application (I.A. No. 156/ND/2021) seeking a direction to M/s Pan Asia Project Development Fund India & Anr, the applicant in the main matter, to produce balance sheets from 2008-09 to 2018-19. M/s Worlds Window Impex (India) Pvt. Ltd. argues that M/s Pan Asia Project Development Fund India & Anr did not provide any financial or credit facility to them. M/s Pan Asia Project Development Fund India & Anr alleges that the investment was made vide share subscription agreement and falls under the ambit of financial credit as per Section 7 of the IBC, 2016. The Tribunal noted that the main matter (IB no. 1772/(ND)/2019) was filed under Section 7 of the

…

## Issues and analysis

### Issue 1: Whether the application filed by M/s Worlds Window Impex (India) Pvt. Ltd. under Section 10(3)(a) …

**Ratio:** The ratio is that an application under Section 10(3)(a) of the IBC, 2016, can only be

…

**Reasoning:** The Tribunal reasoned that Section 10(3)(a) of the IBC, 2016, explicitly deals with the

…

**Interpretation:** Section 10(3)(a) of the IBC, 2016, is interpreted to mean that only the

…

**Application:** Since M/s Worlds Window Impex (India) Pvt. Ltd. is the 'Corporate Debtor' in

…

## Parties

- **Judges:** SH. P.S.N.…; SH. DR. V.K.…
- **Respondents:** M/s Worlds Window…; M/s PAN ASIA…

## Timeline

- **2021-04-13 — Order Da…**: Order passed by the Tribunal…
- **2020-02-18 — Applicant places…**: The applicant states that in terms of order dated 18.02.2020 it placed its balance sheets…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10(3) — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/worlds-window-impex-india-pvt-ltd-ia-no-156-nd-2021-in-connected-with-ib-1772-nd-6f1ff532