# In the matter of Ultramine Pipetech Private Limited I.A.(IBC) No. 1092-KB-2022  In C.P. (I.B) No. 227-KB-2022

> NCLT judgment dated 2022-11-02. Citation: TCN-2022-NCLT-00550. The case pertains to an application filed by Ultramine Pipetech Private Limited under Section…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00550
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ultramine-pipetech-private-limited-iaibc-no-1092-kb-2022-in-cp-ib-no-227-kb-2022-74fe6ed8

## Summary

### Background

The case pertains to an application filed by Ultramine Pipetech Private 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 due to the company's inability to repay its debts and its admission of default amounting to ₹12,33,36,549/-. The company cited adverse market conditions, volatility, and continuous losses as reasons for its financial distress.

## Facts

Ultramine Pipetech Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company, incorporated on April 3, 2007, with a nominal share capital of ₹20,00,000/- and a paid-up share capital of ₹14,50,000/-, admitted to a default of ₹12,33,36,549/-. The application was filed through its Director, Mr. Gopi Krishna Ganguly, authorized by a Board Resolution dated July 1, 2022, and an Extra Ordinary General Meeting held on July 28, 2022. The shareholders consented to the application through a special resolution passed in the Annual General Meeting held on July 28, 2022. The company cited adverse market conditions and continuous losses as reasons for its financial distress, leading to its

…

## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Applicant under Section 10 of the Insolvency and …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, specifies the requirements for a

…

**Reasoning:** The Adjudicating Authority observed that the petition was free from defects and complete

…

**Interpretation:** The completeness of the application is a prerequisite for its admissibility.

…

**Application:** In this case, the Adjudicating Authority determined that the application met

…

## Parties

- **Judges:** Rohit K…; Balraj…; +1 more
- **Respondents:** Ultramine…

## Timeline

- **2007-04-03 — Incorporation of…**: Ultramine Pipetech Private…
- **2022-07-01 — Board Reso…**: Board Resolution passed authorizing Mr. Gopi…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

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/ultramine-pipetech-private-limited-iaibc-no-1092-kb-2022-in-cp-ib-no-227-kb-2022-74fe6ed8