# In the matter of Meenesh Irrigation India Private Limited

> NCLT judgment dated 2025-01-22. Citation: TCN-2025-NCLT-00591. The case involves an application filed under Section 10 of the Insolvency & Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 22 Jan 2025
- **Citation:** TCN-2025-NCLT-00591
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/meenesh-irrigation-india-private-limited-3db46c11

## Summary

### Background

The case involves an application filed under Section 10 of the Insolvency & Bankruptcy Code, 2016, by Meenesh Irrigation India Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company, a private limited MSME, was incorporated on 25.04.2012 and is engaged in manufacturing and trading irrigation systems and pipes. The company faced financial difficulties due to demonetization and the Covid-19 pandemic, leading to its inability to repay its debts. IDBI Bank and MPFC objected to the admission of the application.

## Facts

Meenesh Irrigation India Private Limited, a private limited MSME company incorporated on 25.04.2012, filed an application under Section 10 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP against itself. The company is engaged in the business of manufacturing and trading irrigation systems and pipes. The company took a loan of Rs. 315 lacs from Madhya Pradesh Financial Corporation (MPFC) in 2016 and another loan of Rs. 105 lacs in 2018, of which only Rs. 28.5 lacs were disbursed. It also availed a cash credit facility of Rs. 90 lacs from IDBI Bank on 25.05.2017. Due to demonetization in November 2016 and the Covid-19 pandemic in 2020 and 2021, the company's operations were severely affected, leading to its inability to repay its debts. The company's

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## Issues and analysis

### Issue 1: Whether the corporate applicant is unable to repay its debts and has defaulted in repayment of the …

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

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**Reasoning:** The Adjudicating Authority considered the applicant's financial statements, including

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**Interpretation:** Section 10 is interpreted to mean that if a corporate applicant demonstrates

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**Application:** In this case, the applicant's financial statements, admissions, and notices

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## Parties

- **Judges:** Chitra Ram…; KAUSHALENDRA…
- **Respondents:** Meenesh Irrigation…

## Timeline

- **2012-04-25 — Company Incor…**: Meenesh Irrigation India…
- **2016-01-01 — Loan from…**: The applicant took a loan of Rs. 315…

## 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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