# In the matter of Maurya Manpower Services Private Limited C.P. (I.B) No. 276-KB-2021

> NCLT judgment dated 2022-02-11. Citation: TCN-2022-NCLT-04168. The case pertains to an application filed by Maurya Manpower Services Private Limited under…

- **Court:** NCLT
- **Order date:** 11 Feb 2022
- **Citation:** TCN-2022-NCLT-04168
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maurya-manpower-services-private-limited-cp-ib-no-276-kb-2021-1984542c

## Summary

### Background

The case pertains to an application filed by Maurya Manpower Services Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated on May 29, 1997, is engaged in the business of manpower supply. It claims to be commercially insolvent and unable to revive its business. The company's financial position as of February 31, 2021, shows significant liabilities exceeding its assets. The application was filed due to the company's inability to pay its debts, including statutory dues, employee dues, and other liabilities.

## Facts

Maurya Manpower Services Private Limited, incorporated on May 29, 1997, is engaged in manpower supply. The company filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. As of February 31, 2021, the company's financial position showed a negative net worth, with liabilities exceeding assets. The company's paid-up share capital was Rs. 1,02,500.00, while its reserves and surplus were negative (Rs. 1,21,80,746.00). The company's liabilities included statutory dues of Rs. 1,23,02,944.00 and employee dues of Rs. 1,45,04,908.00. The company's assets included non-current investments of Rs. 55,32,000.00 and long-term loans and advances of Rs. 15,00,000.00. A major factor contributing to the company's losses

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## Issues and analysis

### Issue 1: Whether the application filed by Maurya Manpower Services Private Limited under Section 10 of the …

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

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**Reasoning:** The court found that Maurya Manpower Services Private Limited had demonstrated its

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor facing financial

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**Application:** The court applied Section 10 to the facts of the case and determined that

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## Parties

- **Judges:** Rohit K…; Harish Chander…; +1 more
- **Respondents:** Maurya Manpower…

## Timeline

- **1997-05-29 — Incorporation o…**: Maurya Manpower Services…
- **2021-07-30 — Board Reso…**: Board Resolution authorized Managing Director Umesh Chandra Srivastava to file the…

## 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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