# In the matter of AAM Sky Geospatial Solutions Pvt. Ltd. C.P. (IB) No. 82-10-HDB-2023

> NCLT judgment dated 2023-05-31. Citation: TCN-2023-NCLT-03118. The case pertains to an application filed by M/s. Aam Sky Geospatial Solutions Private Limited…

- **Court:** NCLT
- **Order date:** 31 May 2023
- **Citation:** TCN-2023-NCLT-03118
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aam-sky-geospatial-solutions-pvt-ltd-cp-ib-no-82-10-hdb-2023-dce1a8b2

## Summary

### Background

The case pertains to an application filed by M/s. Aam Sky Geospatial Solutions Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company was incorporated on 01.05.2005 and entered into an Inter-Corporate Deposit Agreement (ICD) on 26.05.2022 with M/s. DH Financial Management Private Limited for financial assistance. The company also availed unsecured operational loans from various lenders. Due to non-compliance with the terms of the ICD agreement and inability to meet payment obligations to operational creditors, the company filed the application.

## Facts

M/s. Aam Sky Geospatial Solutions Private Limited (the Company) was incorporated on 01.05.2005 to provide geographical information system solutions. On 26.05.2022, the Company entered into an Inter-Corporate Deposit Agreement (ICD) with M/s. DH Financial Management Private Limited (Financial Creditor) for unsecured financial assistance of Rs.50.0 Lakhs. The Company defaulted on the terms of the ICD Agreement, leading the Financial Creditor to send email communications dated 26.09.2022 and 03.10.2022 regarding the default in payment of interest. The Company also availed unsecured operational loans amounting to Rs.1,12,24,487.68 from various lenders. The Company was unable to meet its payment obligations to its operational creditors, with the amount due to such creditors

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## Issues and analysis

### Issue 1: Whether the application for initiation of Corporate Insolvency Resolution Process (CIRP) under …

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

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**Reasoning:** The court considered the fact that the Corporate Applicant (CA) had defaulted on its

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor facing financial

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

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Respondents:** AAM Sky Geospatial…

## Timeline

- **2005-05-01 — Incorporation of the…**: M/s. Aam Sky Geospatial Solutions…
- **2022-05-26 — Inter-Corporate Deposit…**: The Company entered into an Inter-Corporate Deposit Agreement (ICD) with M/s. DH…

## 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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