# In the matter of Punj Security & House Keeping Services Pvt. Ltd. CP (IB) No. 72-Chd-CHD-2021

> NCLT judgment dated 2022-08-25. Citation: TCN-2022-NCLT-01273. The petition was filed by Punj Security and Housekeeping Services Limited, the Corporate Debtor…

- **Court:** NCLT
- **Order date:** 25 Aug 2022
- **Citation:** TCN-2022-NCLT-01273
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/punj-security-house-keeping-services-pvt-ltd-cp-ib-no-72-chd-chd-2021-0bebeb03

## Summary

### Background

The petition was filed by Punj Security and Housekeeping Services Limited, the Corporate Debtor itself, under Section 10 of the Insolvency & Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The Corporate Debtor was incorporated on 20.08.2009. The petition was filed through Mr. Umesh Kumar Sharma, Director, authorized by a Board resolution dated 26.10.2020. The petition was filed in pursuance of a resolution passed in the meeting of members of the corporate applicant held on 23.11.2020. The Corporate Debtor's authorized share capital is ₹10,00,000/- and paid-up share capital is ₹4,20,000/-. The Corporate Applicant has been served a show Cause Notice dated 11.02.2020 issued by Director General of GST Intelligence demanding Rs.

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## Facts

Punj Security and Housekeeping Services Limited, the Corporate Debtor, filed a petition under Section 10 of the Insolvency & Bankruptcy Code, 2016, to initiate CIRP. The company was incorporated on 20.08.2009. The petition was filed through its Director, Mr. Umesh Kumar Sharma, authorized by a Board resolution. The company's authorized share capital is ₹10,00,000/- and paid-up share capital is ₹4,20,000/-. The company faced a show cause notice from the Director General of GST Intelligence for Rs. 8,49,33,907/-. The EPF Organization determined liabilities of Rs. 42,89,799/-. The Excise and Taxation Department, U.T., Chandigarh, claimed GST of U.T., Chandigarh, with a total pending demand of Rs. 1,75,15,167/-. The Employees Provident Fund Organization stated that the

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## Issues and analysis

### Issue 1: Whether the petition filed by the Corporate Debtor under Section 10 of the Insolvency & …

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

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**Reasoning:** The Adjudicating Authority found that the corporate applicant had failed to pay its debts

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

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**Application:** In this case, the Adjudicating Authority determined that the corporate debtor

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## Parties

- **Judges:** Harnam Singh…; SUBRATA KUM…
- **Respondents:** Punj Security and…

## Timeline

- **2009-08-20 — Incorporation of…**: Punj Security and Housekeeping…
- **2020-10-26 — Board Reso…**: Board resolution authorizing Mr. Umesh Kumar…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(5) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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