# In the matter of Rubber Wood India Private Limited CP(IB)-26-KOB-2022

> NCLT judgment dated 2022-05-17. Citation: TCN-2022-NCLT-04804. M/s. Rubber Wood India Private Limited filed an application under Section 10 of the Insolvency…

- **Court:** NCLT
- **Order date:** 17 May 2022
- **Citation:** TCN-2022-NCLT-04804
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kochi/rubber-wood-india-private-limited-cpib-26-kob-2022-5a1c7768

## Summary

### Background

M/s. Rubber Wood India Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process. The Corporate Applicant was incorporated on 13.02.1998 and faced financial difficulties, leading to NPA accounts with Central Bank of India in 2007.

## Facts

M/s. Rubber Wood India Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Applicant was incorporated on 13.02.1998.

The Corporate Applicant's accounts with Central Bank of India became NPA in 2007.

The Corporate Applicant submitted Form 2 of the IRP along with AFA on 20.04.2022.

The Adjudicating Authority admitted the application CP(IB)/26/KOB/2022.

A moratorium was declared under Section 14 of the Code.

Mr. Renehan Vamakesan was appointed as the Interim Resolution Professional.

The Corporate Applicant was incorporated with the joint equity participation of Rubber Board (88%), Kerala State Industrial Development Corporation Ltd (10%), and two private entrepreneurs (2%).

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Applicant is complete and fit to be admitted under …

**Ratio:** The Adjudicating Authority found that the Corporate Applicant was accumulating losses and

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**Reasoning:** Verification of records and history of the case revealed that the Corporate Applicant was

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**Interpretation:** The Adjudicating Authority interpreted the facts to mean that the application

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**Application:** The Adjudicating Authority applied Section 10 of the Insolvency and Bankruptcy

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## Parties

- **Judges:** Ashok Kumar…; Anil Ku…
- **Respondents:** Rubber Wood India…
- **Other parties:** Central Bank of…; Renehan Vam…; +1 more
- **Advocates:** A Kevin T…; NIDHI SAM…

## Timeline

- **1998-02-13 — Incorpor…**: The Corporate Applicant was…
- **2007 — NPA…**: The Corporate Applicant's accounts with…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(5) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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