# In the matter of Ellenbarrie Exim Limited

> NCLT judgment dated 2023-11-09. Citation: TCN-2023-NCLT-00803. Ellen Barrie Exim Limited filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Nov 2023
- **Citation:** TCN-2023-NCLT-00803
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ellenbarrie-exim-limited-9a660250

## Summary

### Background

Ellen Barrie Exim Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company claimed inability to pay debts to its supplier, Gulf Dune FZE, and other operational debts, citing difficulties in recovering dues from its customer, Bee Kay Distributors Ltd. The application was filed before the National Company Law Tribunal (NCLT), Kolkata.

## Facts

Ellen Barrie Exim Limited, a company engaged in international trading of cut and polished diamonds, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The company claimed to have imported 64 consignments of goods from Gulf Dune FZE, Sharjah, UAE, between October 2007 and March 2008, valued at $2,72,14,020.21. Out of this, $1,08,33,565.82 was paid up to July 2008, leaving a balance of $1,63,80,454.39 unpaid as of March 31, 2009, which was carried forward as of March 31, 2022. The company attributed the non-payment to their inability to collect dues from Bee Kay Distributors Ltd., Hong Kong, amounting to $1,55,07,678.06. The company also claimed to owe Rs. 20

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## Issues and analysis

### Issue 1: Whether the application filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, …

**Ratio:** An application under Section 10 of the IBC can be admitted if the corporate debtor has

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**Reasoning:** The NCLT found significant inconsistencies between the amounts claimed as due in the

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**Interpretation:** Section 10 of the IBC allows a corporate debtor to initiate CIRP if it has

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**Application:** In this case, the NCLT found that the Corporate Debtor's application was not

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## Parties

- **Judges:** BIDISHA BA…; ARVIND DEVA…
- **Respondents:** Ellen Barrie Exim…

## Timeline

- **2023-10-13 — Date of H…**: Hearing held on October…
- **2023-11-09 — Date of Prono…**: Order pronounced on…

## 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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