# In the matter of Anagha Steel Markeing Limited C.P. No. 184-IBC-MB-2022

> NCLT judgment dated 2022-12-23. Citation: TCN-2022-NCLT-00027. The case pertains to a company petition filed by Anagha Steel Markeing Limited, formerly known…

- **Court:** NCLT
- **Order date:** 23 Dec 2022
- **Citation:** TCN-2022-NCLT-00027
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/anagha-steel-markeing-limited-cp-no-184-ibc-mb-2022-5f51b3ff

## Summary

### Background

The case pertains to a company petition filed by Anagha Steel Markeing Limited, formerly known as Essar Steel Marketing Limited, under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant, facing financial stress, was unable to repay its debts to creditors. The company was incorporated in 2007 and has taken financial assistance from various entities, including a loan from SREI Infrastructure Financial Limited, and executed a deed of hypothecation. The Corporate Applicant also changed its name from Essar Steel Marketing Limited to Anagha Steel Markeing Limited. Due to non-payment to its creditors, the corporate applicant received various queries from its creditors and due

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## Facts

Anagha Steel Markeing Limited (formerly Essar Steel Marketing Limited) filed a company petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company, incorporated in 2007, faced financial stress and was unable to repay its debts to creditors, amounting to Rs. 51,36,53,346/-. The company had taken financial assistance from various entities, including SREI Infrastructure Financial Limited, and executed a deed of hypothecation. The Corporate Applicant also changed its name from Essar Steel Marketing Limited to Anagha Steel Markeing Limited. The Board of Directors passed a resolution to start a Corporate Insolvency Resolution Process of the corporate debtor. The Corporate Applicant

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## Issues and analysis

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

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

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**Reasoning:** The Bench, after hearing the submissions and perusing the supporting documents, was of

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**Interpretation:** Section 10 provides the conditions under which a corporate applicant can

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**Application:** The court applied the principle of Section 10 to the facts presented and

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## Parties

- **Judges:** H.V. Subb…; Satya Ranjan…
- **Respondents:** Anagha Steel…

## Timeline

- **2021-11-03 — Special Res…**: Shareholders of the company held a meeting and passed a Special Resolution for initiating…
- **2022-02-24 — First Listi…**: The Bench directed the Corporate…

## 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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