# 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-00558. The case involves a petition filed by Ultramine Pipetech Private Limited under Section 10 of…

- **Court:** NCLT
- **Order date:** 2 Nov 2022
- **Citation:** TCN-2022-NCLT-00558
- **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-ab09b687

## Summary

### Background

The case involves a petition 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 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 company, incorporated on April 3, 2007, faced financial distress due to adverse market conditions, volatility, and continuous losses, leading to an inability to meet its liabilities and repay debts.

## Facts

Ultramine Pipetech Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company was incorporated on April 3, 2007, and is engaged in the manufacturing of polymer/synthetic/PVC water storage tanks and other plastic products. Due to adverse market conditions and volatility, the company incurred continuous losses, leading to financial distress and an inability to meet its liabilities. The total amount of default admitted by the Corporate Applicant is ₹12,33,36,549/-. The shareholders of the Corporate Applicant have given their consent by way of a special resolution passed in the Annual General Meeting held on 28th July 2022 to file the application under section 10(3)(c) of the Code.

…

## Issues and analysis

### Issue 1: Whether the application filed by Ultramine Pipetech Private Limited under Section 10 of the …

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

…

**Reasoning:** The court examined the application and found it to be complete and free from defects. The

…

**Interpretation:** Section 10 of the IBC is interpreted to mean that an application for CIRP by a

…

**Application:** The court applied this interpretation to the facts and found that the

…

## Parties

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

## Timeline

- **2007-04-03 — Incorporation of…**: Ultramine Pipetech Private Limited was incorporated under the provisions of the Companies…
- **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-ab09b687