# 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-00032. The case pertains to a company petition filed by Anagha Steel Markeing Limited under Section 10…

- **Court:** NCLT
- **Order date:** 23 Dec 2022
- **Citation:** TCN-2022-NCLT-00032
- **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-af48d38f

## Summary

### Background

The case pertains to a company petition filed by Anagha Steel Markeing Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant, formerly known as Essar Steel Marketing Limited, cited financial stress and inability to repay debts to its creditors as the primary reasons for filing the petition. The company was incorporated in 2007 and has faced challenges in generating cash revenue and repaying its operational creditors. The Board of Directors passed a resolution to initiate CIRP due to non-payment to creditors and lack of cash flow.

## Facts

Anagha Steel Markeing Limited (formerly Essar Steel Marketing Limited) filed a company petition seeking to initiate Corporate Insolvency Resolution Process (CIRP) due to financial stress and inability to repay debts. Incorporated in 2007, the company faced challenges in generating cash revenue and repaying operational creditors. The company's authorized share capital is INR 5.00 lac and the total paid-up capital is INR 5.00 lac. The Corporate Applicant has taken financial assistance from various entity including a loan from SREI Infrastructure Financial Limited and executed a deed of hypothecation in favor of the financial creditor. The Corporate Applicant received queries from creditors due to non-payment. The Board of Directors passed a resolution to start CIRP. The

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## Issues and analysis

### Issue 1: Whether the Corporate Applicant has met the necessary legal requirements for the admission of the …

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

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**Reasoning:** The Adjudicating Authority considered the submissions and supporting documents, including

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**Interpretation:** Section 10 provides the framework for a corporate debtor to initiate CIRP,

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**Application:** The Corporate Applicant provided sufficient evidence to demonstrate that it had

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## Parties

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

## Timeline

- **2007-01-01 — Incorpor…**: The Corporate Applicant was incorporated in 2007 under the name of Essar Steel Marketing…
- **2021-11-03 — Special Res…**: The shareholder of the company passed a Special Resolution for initiating 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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