# In the matter of Wizard Biotech Private Limited

> NCLT judgment dated 2024-01-31. Citation: TCN-2024-NCLT-02842. The case pertains to an application filed by M/s Wizard Biotech Private Limited under Section…

- **Court:** NCLT
- **Order date:** 31 Jan 2024
- **Citation:** TCN-2024-NCLT-02842
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/wizard-biotech-private-limited-3319eb29

## Summary

### Background

The case pertains to an application filed by M/s Wizard Biotech Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating the Corporate Insolvency Resolution Process (CIRP). The applicant, being the Corporate Debtor itself, sought to initiate CIRP. The company's financial status revealed a negative amount of reserves and surplus. The company also acknowledged a default against Axis Bank and other operational creditors. The application was filed due to the company's inability to meet its financial obligations, including a significant debt to Axis Bank, which had already initiated recovery proceedings before the Debt Recovery Tribunal (DRT), Mumbai.

## Facts

M/s Wizard Biotech Private Limited (Corporate Debtor) filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company's CIN is U24232RJ2000PTC016627, and its registered office is located in Kota, Rajasthan. The company's authorized and paid-up share capital is Rs. 50,00,000/- each. The Corporate Debtor has three shareholders and directors: Mr. Rajeev Bajpai, Mr. Bijnath Shivshankar Bajpai (deceased), and Ms. Richa Rajeev Bajpai. A special resolution was passed on 02.03.2022 for filing the application. Axis Bank Limited, a financial creditor, has filed a case before Debt Recovery Tribunal (DRT), Mumbai, for a default of Rs. 6,24,11,928/-. The Corporate Debtor's assets,

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## Issues and analysis

### Issue 1: Whether the application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 10(4)(a) of the IBC mandates the Adjudicating Authority to admit the application

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**Reasoning:** The Adjudicating Authority found that the application was complete, fulfilling the

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**Interpretation:** Section 10 of the IBC allows a corporate debtor to initiate CIRP if it has

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**Application:** The application filed by M/s Wizard Biotech Private Limited was found to be

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Respondents:** M/S WIZARD…

## Timeline

- **2000-09-11 — Company Incor…**: M/s Wizard Biotech Private Limited was…
- **2022-02-02 — Board Reso…**: Mr. Rajeev Baijnath Bajpai was…

## 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)

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