# In the matter of Aaradhana Realties Limited CP (IB) 1257-MB-C-V-2021

> NCLT judgment dated 2023-03-31. Citation: TCN-2023-NCLT-03905. The case pertains to an application filed under Section 10 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 31 Mar 2023
- **Citation:** TCN-2023-NCLT-03905
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aaradhana-realties-limited-cp-ib-1257-mb-c-v-2021-58cb3b47

## Summary

### Background

The case pertains to an application filed under Section 10 of the Insolvency & Bankruptcy Code, 2016 by Aaradhana Realties Limited (Corporate Applicant) for the initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed following a default in meeting financial obligations to its Financial Creditor and Operational Creditor. The Corporate Applicant is a Private Limited Company incorporated on 10.12.1976. The application also proposed Mr. Atul Mehta as the Interim Resolution Professional (IRP).

## Facts

Aaradhana Realties Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company defaulted on financial obligations to its Financial and Operational Creditors. The total amount of default was Rs 41,09,57,982/-, with a significant portion (Rs. 20,00,00,000/-) owed to Edwell Infrastructure Hazira Ltd. The Corporate Applicant is a Private Limited Company incorporated on 10.12.1976. The application proposed Mr. Atul Mehta as the Interim Resolution Professional (IRP). The Corporate Applicant issued Optionally Convertible Debentures (OCD) to Imperial Consultants and securities Private limited and Essar properties Private limited. These OCDs

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## Issues and analysis

### Issue 1: Whether the application filed under Section 10 of the Insolvency & Bankruptcy Code, 2016, by …

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

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**Reasoning:** The Bench reviewed the petition and supporting documents and found that the Petitioner

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**Interpretation:** The completeness of the application is crucial for the admission of the

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**Application:** In this case, the court found the application to be complete and in order,

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## Parties

- **Judges:** Kuldip Kumar…; Prabhat…
- **Respondents:** Aaradhana…

## Timeline

- **1976-12-10 — Incorporation of…**: Aaradhana Realties Limited…
- **2017-03-15 — Board Resolution for…**: Corporate Debtor decided to issue…

## Legal provisions

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

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