# In the matter of INOX Tubes Private Limited

> NCLT judgment dated 2023-11-10. Citation: TCN-2023-NCLT-00777. The case pertains to an application filed by M/s INOX Tubes Private Limited ('Corporate…

- **Court:** NCLT
- **Order date:** 10 Nov 2023
- **Citation:** TCN-2023-NCLT-00777
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/inox-tubes-private-limited-6691c98d

## Summary

### Background

The case pertains to an application filed by M/s INOX Tubes Private Limited ('Corporate Applicant') under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) as the Corporate Debtor. The Corporate Applicant admitted to defaulting on a debt of Rs. 4,09,14,185.98/-. The Corporate Applicant, incorporated on 26.12.2007, is engaged in manufacturing, trading, assembling, dealing, and fabricating metal pipes. It initially received financial facilities from Jammu & Kashmir Bank and IndusInd Bank, which were later shifted to HDFC Bank in 2005. A loan agreement was entered into with HDFC Bank on 26.08.2015, providing a term loan of Rs. 20,00,000/- and a cash credit facility of Rs. 3,80,00,000/-. While

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## Facts

M/s INOX Tubes Private Limited ('Corporate Applicant') filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) as the Corporate Debtor. The company, incorporated on 26.12.2007, is a private limited company involved in manufacturing, trading, assembling, dealing, and fabricating metal pipes. The Corporate Applicant defaulted on a debt of Rs. 4,09,14,185.98/- owed to Financial Creditors. Initially, the company received financial facilities from Jammu & Kashmir Bank and IndusInd Bank, which were later shifted to HDFC Bank in 2005. On 26.08.2015, a loan agreement was entered into with HDFC Bank, providing a term loan of Rs. 20,00,000/- and a cash credit facility of Rs. 3,80,00,000/-.

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## Issues and analysis

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

**Ratio:** The special resolution passed by shareholders of the corporate debtor makes it clear that

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**Reasoning:** The Adjudicating Authority considered the objection raised by the Financial Creditor

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**Interpretation:** The interpretation of Section 10 of the IBC, along with the relevant

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**Application:** In this case, the Corporate Applicant had passed a special resolution in the

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## Parties

- **Judges:** MAHENDRA KHANDELWA…; RAHUL BHA…
- **Appellants:** INOX Tubes Pvt.…
- **Respondents:** INOX Tubes…; HDFC…

## Timeline

- **2007-12-26 — Incorporation of…**: M/s INOX Tubes Private Limited…
- **2015-08-26 — Loan Agreement with…**: Corporate Applicant entered into a loan agreement with HDFC Bank for a term loan and cash…

## 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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