# In the matter of CJ Infradevelopers Private Limited

> NCLT judgment dated 2024-09-05. Citation: TCN-2024-NCLT-00667. The present case involves an application filed by CJ Infradevelopers Private Limited under…

- **Court:** NCLT
- **Order date:** 5 Sept 2024
- **Citation:** TCN-2024-NCLT-00667
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/cj-infradevelopers-private-limited-79c0eb9d

## Summary

### Background

The present case involves an application filed by CJ Infradevelopers Private 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 difficulties, was incorporated on 03.05.2012 and is engaged in real estate businesses. The company has defaulted on payments to its operational creditors and statutory dues, leading to this application.

## Facts

CJ Infradevelopers Private Limited, incorporated on 03.05.2012, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP. The company's authorized share capital is Rs 10,00,000/-, with a paid-up share capital of Rs 1,00,000/-. The company is engaged in real estate businesses. As of 31.03.2023, the company had operational creditors amounting to Rs 1,36,70,476/-. Additionally, it faces a contingent liability of Rs 1,08,70,465/- related to GST and Central Excise demands. The company defaulted in repayment of debts exceeding Rs 1 Crore. A special resolution was passed on 25.05.2023, authorizing Mr. Samarendra Mohapatra to file the CIRP application. The company has work in progress valued at Rs 23,50,000/- and long-term borrowings

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## Issues and analysis

### Issue 1: Whether the application 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 applicant to

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**Reasoning:** The Adjudicating Authority considered the facts presented, including the company's

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

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**Application:** In this case, the Adjudicating Authority found that CJ Infradevelopers Private

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## Parties

- **Judges:** Deep Chand…; KAUSHALENDRA…
- **Respondents:** CJ Infradevelopers…

## Timeline

- **2023-10-03 — Petition…**: The corporate applicant, CJ Infradevelopers Private Limited, filed a petition under…
- **2023-05-25 — Special Res…**: A special resolution was passed in the Extraordinary General meeting, authorizing Mr.…

## 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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