# In the matter of Exotic Buildcon Private Limited (IB)-247(PB)-2023]

> NCLT judgment dated 2023-11-21. Citation: TCN-2023-NCLT-00685. Exotic Buildcon Private Limited filed a petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 21 Nov 2023
- **Citation:** TCN-2023-NCLT-00685
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/exotic-buildcon-private-limited-ib-247pb-2023-775031db

## Summary

### Background

Exotic Buildcon Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) due to a default of Rs. 10,78,61,804/-. The application was filed through its Director, Mr. Dushant Singh. The Corporate Applicant was incorporated on December 15, 2006, and engaged in construction services, residential building, civil engineering, sale/leasing of property, and property management. The applicant submitted a special resolution passed by the shareholders approving the filing of the application. The Adjudicating Authority had admitted the petition on 08.11.2023.

## Facts

Exotic Buildcon Private Limited (CIN: U45200DL2006PTC156631) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company claimed a default of Rs. 10,78,61,804/-. The application was filed through its Director, Mr. Dushant Singh (DIN: 08685517), authorized by a Board Resolution dated 30th March 2023. The company was incorporated on December 15, 2006, and is involved in construction services, residential building, civil engineering, and property management. The applicant submitted a list of litigations and an affidavit stating that the application was not filed to defeat the purposes of law. However, notices from Excise & Taxation and Income Tax authorities for recovery of

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## Issues and analysis

### Issue 1: Whether the application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for …

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

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**Reasoning:** The Adjudicating Authority noted that while the applicant claimed a default and submitted

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**Interpretation:** Section 10 provides a mechanism for corporate debtors to initiate CIRP.

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**Application:** In this case, the Adjudicating Authority deferred the decision on admitting the

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## Parties

- **Judges:** Ramalingam…; Sh. Avinash Kumar…
- **Respondents:** Exotic Buildcon…

## Timeline

- **2006-12-15 — Incorporati…**: The Corporate Applicant, Exotic Buildcon…
- **2023-03-30 — Board Resolut…**: Board Resolution authorizing the filing of…

## 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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