# In the matter of Ways Estates Limited C.P. (I.B) No. 259-KB-2021

> NCLT judgment dated 2022-06-30. Citation: TCN-2022-NCLT-01964. The case pertains to an application filed by Ways Estates Limited under Section 10 of the…

- **Court:** NCLT
- **Order date:** 30 Jun 2022
- **Citation:** TCN-2022-NCLT-01964
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ways-estates-limited-cp-ib-no-259-kb-2021-b43aec24

## Summary

### Background

The case pertains to an application filed by Ways Estates 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. Abhay Raj, authorized by a Board Resolution dated July 29, 2021. The Corporate Applicant, incorporated on December 31, 2010, is engaged in the real estate and agricultural land development business. The Corporate Applicant defaulted in payment to Mr. Shivpujan Ray on March 11, 2019, who sent a demand notice on June 17, 2021. The total debt owed to the Financial Creditors is Rs. 2,44,55,359/-. The members of the Corporate Applicant consented to the application through a resolution passed in an

…

## Facts

Ways Estates Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company, incorporated on December 31, 2010, is involved in real estate and agricultural land development. The application was filed through its Director, Mr. Abhay Raj, authorized by a Board Resolution dated July 29, 2021. The Corporate Applicant defaulted in payment to Mr. Shivpujan Ray on March 11, 2019, and a demand notice was sent on June 17, 2021. The total debt owed to Financial Creditors is Rs. 2,44,55,359/-. The members of the Corporate Applicant consented to the application through a resolution passed on August 23, 2021. The Corporate Applicant has a customer base of 3922 customers who

…

## 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, allows a corporate applicant to

…

**Reasoning:** The Adjudicating Authority observed that the Corporate Applicant had furnished the books

…

**Interpretation:** Section 10 of the IBC provides the requirements for a corporate applicant to

…

**Application:** The Corporate Applicant complied with the requirements of Section 10 by

…

## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Ways Estates…

## Timeline

- **2010-12-31 — Incorporation of…**: Ways Estates Limited…
- **2019-03-11 — Default in…**: The Corporate Applicant defaulted…

## 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/ways-estates-limited-cp-ib-no-259-kb-2021-b43aec24