# In the matter of IT Power Consulting Private Limited C.P. (IB)-600(ND)-2021

> NCLT judgment dated 2022-08-10. Citation: TCN-2022-NCLT-01404. The case pertains to an application filed by M/s. IT Power Consulting Private Limited under…

- **Court:** NCLT
- **Order date:** 10 Aug 2022
- **Citation:** TCN-2022-NCLT-01404
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/it-power-consulting-private-limited-cp-ib-600nd-2021-e62b276b

## Summary

### Background

The case pertains to an application filed by M/s. IT Power Consulting Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself as the Corporate Debtor. The Corporate Applicant, incorporated in 1997, provides technical, engineering, and advisory services in sustainable energy. It defaulted on financial obligations to its Financial Creditor, Operational Creditors, and other creditors. The application was filed due to the company's inability to meet its financial requirements and unfavorable market conditions.

## Facts

M/s. IT Power Consulting Private Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company, incorporated on 16.01.1997, provides technical, engineering, and advisory services in sustainable energy. The Corporate Applicant defaulted in payment of Rs.6,23,24,969/- towards financial debt and Rs.1,60,83,556/- towards operational debt due to M/s. ITP Senergy Limited. The Corporate Applicant also failed to make payment of Rs.2,57,96,556/- outstanding as operational debt. The company's financial statements for the years 2019-2020 and 2020-2021 reflect the default of payment to the financial creditors and operational creditors. The members of the corporate debtor

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## Issues and analysis

### Issue 1: Whether the Corporate Applicant meets the requirements for admitting an application under Section …

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

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**Reasoning:** The Adjudicating Authority must be satisfied that a default has occurred and that the

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor to initiate CIRP when it

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**Application:** In this case, the Corporate Applicant filed an application under Section 10,

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## Parties

- **Judges:** Sh. Dharminder…; SH. L. N.…
- **Respondents:** M/s. IT POWER…

## Timeline

- **1997-01-16 — Incorporation of…**: M/s. IT Power Consulting Private Limited was incorporated under the erstwhile Companies…
- **2021-09-20 — Annual General…**: The members of the corporate debtor resolved by way of Special Resolution to file an…

## 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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