# In the matter of Sintra Limited C.P. (I.B) No. 312-KB-2021

> NCLT judgment dated 2022-02-25. Citation: TCN-2022-NCLT-03968. The case pertains to an application filed by Sintra Limited under Section 10 of the Insolvency…

- **Court:** NCLT
- **Order date:** 25 Feb 2022
- **Citation:** TCN-2022-NCLT-03968
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sintra-limited-cp-ib-no-312-kb-2021-6f3863a7

## Summary

### Background

The case pertains to an application filed by Sintra Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The application was filed through its director, Mr. Binu Kakkanattu Jose, authorized by a Board Resolution dated 29.07.2021. Sintra Limited, originally incorporated as "The Hyderabad Investment Trust Limited" in 1942, later renamed to "The Shahabad Investments and Traders Limited" and subsequently to "Sintra Limited" in 1984, was involved in providing handling, loading, uploading, and transport services to cement companies. The company has been unable to carry out operations since 2017-2018 and lacks resources to pay off its liabilities.

## Facts

Sintra Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself. The company, originally incorporated in 1942, has been involved in providing transport services to cement companies. The application was filed through its director, Mr. Binu Kakkanattu Jose, authorized by a Board Resolution dated 29.07.2021. Sintra Limited has been unable to carry out operations since the financial year 2017-2018 and lacks resources to pay off its liabilities. The company has defaulted in payments to Financial Creditors on 30.09.2019 and 24.03.2020, and to Operational Creditors on several dates. The total debt owed to Financial Creditors is Rs. 36,14,775, and to

…

## Issues and analysis

### Issue 1: Whether the application filed by Sintra Limited under Section 10 of the Insolvency and Bankruptcy …

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

…

**Reasoning:** The Adjudicating Authority found that the petition was free from defects, complete in all

…

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

…

**Application:** The Adjudicating Authority applied Section 10 to the facts of the case, finding

…

## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Respondents:** Sintra Li…

## Timeline

- **1942-02-16 — Incorpor…**: The Corporate Applicant was incorporated as "The Hyderabad Investment Trust Limited"…
- **1984-12-12 — Name Cha…**: The Corporate Applicant was renamed to “The Shahabad Investments and Traders Limited and…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/sintra-limited-cp-ib-no-312-kb-2021-6f3863a7