# In the matter of Pilot MInes & Minerals Private Limited Company Petition No. IB-237(PB)-2022

> NCLT judgment dated 2022-09-19. Citation: TCN-2022-NCLT-01038. The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 19 Sept 2022
- **Citation:** TCN-2022-NCLT-01038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pilot-mines-minerals-private-limited-company-petition-no-ib-237pb-2022-cf2cf515

## Summary

### Background

The case pertains to a petition filed under Section 7 of the Insolvency and Bankruptcy Code, 2016, regarding a financial debt in the form of an Inter Corporate Deposit. The petition was filed before the National Company Law Tribunal (NCLT), Principal Bench, New Delhi. The court sought clarifications from the financial creditor regarding compliance with various sections of the Companies Act, 2013, and the Insolvency and Bankruptcy Code, 2016.

## Facts

M/s BSFC Distributors Private Limited filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, against M/s Pilot Mines & Minerals Private Limited, claiming to be an operational creditor. The financial debt is in the form of an Inter Corporate Deposit. The NCLT sought clarifications from the financial creditor regarding compliance with Section 186, 179 & 117 of Companies Act, 2013, and Section 7 of the Insolvency and Bankruptcy Code, 2016. The NCLT requested a certified true copy of the Board Resolution, audited Financial Statements for 2020-21 & 2021-2022, a certified true copy of the Special Resolution (if applicable), and a copy of the MCA form MGT-14 (if applicable). The financial creditor was directed to file a response by affidavit

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## Issues and analysis

### Issue 1: Whether the financial creditor has complied with Section 7 of the Insolvency and Bankruptcy Code, …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The NCLT is examining whether the financial creditor has met the requirements under

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**Interpretation:** Section 7 provides the mechanism for a financial creditor to trigger the

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**Application:** The NCLT is assessing whether the petition filed by M/s BSFC Distributors

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## Parties

- **Judges:** Ramalingam…; AVINASH K.…
- **Appellants:** M/s BSFC DISTRIBUT…
- **Respondents:** M/s PILOT MINES &…

## Timeline

- **2022-09-19 — Clarification order…**: Clarification order delivered by the NCLT, seeking documents and information from the…
- **2022-09-26 — Deadline for filing…**: The Financial Creditor is directed to file response to the above questions pertaining to…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 179 — Adjudicating Authority for individuals and…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-179)

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