# In the matter of Dehradun Integrated Arena Ltd. C.P. (I.B) No. 118-ALD-2020

> NCLT judgment dated 2022-03-02. Citation: TCN-2022-NCLT-03920. The case involves an application filed by M/s Dehradun Integrated Arena Ltd. under Section 10…

- **Court:** NCLT
- **Order date:** 2 Mar 2022
- **Citation:** TCN-2022-NCLT-03920
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/dehradun-integrated-arena-ltd-cp-ib-no-118-ald-2020-84f9ab8d

## Summary

### Background

The case involves an application filed by M/s Dehradun Integrated Arena Ltd. under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The Corporate Applicant, incorporated on May 23, 2018, is a special purpose company granted concession rights for 30 years by Rajiv Gandhi International Cricket Stadium and Sports Complex Society (RGICS). The applicant cites defaults by RGICS, including non-renewal of a performance Bank Guarantee, and the invocation of a Rs. 12 Crore guarantee. The applicant also mentions inability to renew insurance for project assets due to cash flow issues exacerbated by the COVID-19 pandemic.

## Facts

M/s Dehradun Integrated Arena Ltd. (CIN:U74999UR2018PLC008760) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP against itself. The company was incorporated on May 23, 2018, and holds concession rights for 30 years from Rajiv Gandhi International Cricket Stadium and Sports Complex Society (RGICS). RGICS allegedly defaulted by not renewing the performance Bank Guarantee, leading to its invocation for Rs. 12 Crores. The applicant also faced difficulties in renewing insurance for project assets (cricket stadium and associated facilities) due to cash flow problems and the COVID-19 pandemic. The total debt owed by the corporate applicant includes Rs. 48,199,338 to financial creditors, Rs. 58,941,103 to operational

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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 in the application and the

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

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**Application:** The Corporate Applicant met the requirements under Section 10 by demonstrating

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## Parties

- **Judges:** Rajasekha…; Virendra Kumar…
- **Respondents:** M/s Dehradun…

## Timeline

- **2018-05-23 — Incorporation of…**: M/s Dehradun Integrated…
- **2018-05-26 — Concession Ag…**: Concession Agreement dated 26.05.2018 to operate and maintain and to develop additional…

## 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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