# In the matter of Edge Brand Architects (India) Pvt. Ltd. C.P.(IB)-968-MB-2022

> NCLT judgment dated 2023-05-09. Citation: TCN-2023-NCLT-03448. This case involves a Company Petition filed on 2022-08-10 by Edge Brand Architects (India)…

- **Court:** NCLT
- **Order date:** 9 May 2023
- **Citation:** TCN-2023-NCLT-03448
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/edge-brand-architects-india-pvt-ltd-cpib-968-mb-2022-a1c02210

## Summary

### Background

This case involves a Company Petition filed on 2022-08-10 by Edge Brand Architects (India) Private Limited, the Corporate Applicant, under Section 10 of the Insolvency & Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant submitted that its registered office is located in Mumbai and that it was incorporated on 2011-05-24. The shareholders of the Corporate Applicant passed a resolution on 2022-08-03 authorizing the Board of Directors to file the petition. The Corporate Applicant disclosed that a sum of ₹4,75,68,566/- is due to Financial and Operational Creditors and is in default. The Corporate Applicant

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## Facts

Edge Brand Architects (India) Private Limited filed a Company Petition on 2022-08-10 under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The company's registered office is in Mumbai, and it was incorporated on 2011-05-24. A shareholders' resolution passed on 2022-08-03 authorized the petition. The company disclosed outstanding dues of ₹4,75,68,566/- to Financial and Operational Creditors. The petition was supported by audited financial statements for 2019-20 and 2020-21, unaudited provisional financial statements for 2021-22, and a list of creditors as of 2022-07-31. The Corporate Applicant proposed Mr. Laxmikant Yeshwant Desai as the Interim Resolution Professional (IRP). The NCLT found

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor has committed a default in payment of debt as required under Section …

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

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**Reasoning:** The court, after perusing the petition and supporting documents, found that the Corporate

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

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**Application:** The Corporate Applicant disclosed outstanding dues of ₹4,75,68,566/- to

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** Edge Brand…

## Timeline

- **2022-08-10 — Company Petiti…**: Edge Brand Architects (India) Private Limited filed a Company Petition under Section 10…
- **2022-08-03 — Shareholders' R…**: Shareholders of the Corporate Applicant passed a resolution authorizing the Board of…

## 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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