# In the matter of Air Carrying Corporation (India) Private Limited CP(IB)-1230(KB)2018

> NCLT judgment dated 2022-11-17. Citation: TCN-2022-NCLT-00415. The case pertains to a petition filed by Air Carrying Corporation (India) Private Limited under…

- **Court:** NCLT
- **Order date:** 17 Nov 2022
- **Citation:** TCN-2022-NCLT-00415
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/air-carrying-corporation-india-private-limited-cpib-1230kb2018-35920451

## Summary

### Background

The case pertains to a petition filed by Air Carrying Corporation (India) Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed through its Director, Mr. Manoj Arya, authorized by a Board Resolution. The petition is supported by an affidavit affirmed by the Corporate Applicant.

## Facts

Air Carrying Corporation (India) Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed through its Director, Mr. Manoj Arya, authorized by a Board Resolution dated 13/04/2018. The Corporate Applicant was incorporated on 29/07/1975 and is involved in the business of public carriers, transporters, and carrier of goods. The reasons for applying for initiation of the CIRP is that the Corporate Applicant has defaulted in payment of dues to the Financial Creditor and the Operational Creditors. The total debt owed to the Financial Creditor (Bank of India) is Rs.16,63,57,228.45 as on 25/09/2014, and to the Operational Creditors

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## Issues and analysis

### Issue 1: Whether the petition filed by the Corporate Applicant under Section 10 of the Insolvency and …

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

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**Reasoning:** The court reasoned that the Corporate Applicant had defaulted in payments to its

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**Interpretation:** Section 10 of the IBC provides a mechanism for a corporate debtor to initiate

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**Application:** The court applied the provisions of Section 10 of the IBC to the facts of the

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## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Air Carrying…

## Timeline

- **1975-07-29 — Incorporation of…**: The Corporate Applicant, Air Carrying Corporation (India) Private Limited, was…
- **2018-04-13 — Board Reso…**: Board Resolution authorizing Mr. Manoj…

## 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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