# Bharat Capital and Holdings Limited vs. N/A

> NCLT judgment dated 2026-07-28. Citation: TCN-2026-NCLT-00759. Bharat Capital and Holdings Limited (Corporate Debtor/Applicant) filed an application under…

- **Court:** NCLT
- **Order date:** 28 Jul 2026
- **Citation:** TCN-2026-NCLT-00759
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bharat-capital-and-holdings-limited-f0l3y

## Summary

### Background

Bharat Capital and Holdings Limited (Corporate Debtor/Applicant) filed an application under Section 10 of the IBC, 2016, seeking to initiate its Corporate Insolvency Resolution Process (CIRP). The application was necessitated by the company's severe financial stress, rendering it unable to meet its debt obligations to both a Financial Creditor and the Income Tax Department (Operational Creditor).

## Facts

Bharat Capital and Holdings Limited (Corporate Debtor/Applicant) filed an application under Section 10 of the IBC, 2016, seeking initiation of its Corporate Insolvency Resolution Process (CIRP).

The application is due to the Corporate Applicant's financial stress and inability to repay its debts.

The Corporate Applicant was incorporated on 04.02.1991 and operates as a financier.

It availed an unsecured loan of Rs. 7,50,00,000/- from a Financial Creditor.

The Corporate Applicant repaid Rs. 1,06,00,000/- and Rs. 2,03,43,200/-, leaving an outstanding balance of Rs. 4,40,56,800/- to the Financial Creditor.

The date of default to the Financial Creditor is 31.03.2021.

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## Issues and analysis

### Issue 1: Whether the application filed under Section 10 of the IBC by Bharat Capital and Holdings Limited …

**Ratio:** An application under Section 10 of the IBC must be admitted if the corporate applicant is

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**Reasoning:** The Corporate Applicant demonstrated default of Rs. 4,40,56,800/- to a Financial Creditor

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**Interpretation:** Section 10 of the IBC, read with Rule 7 of the AAA Rules, mandates the

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**Application:** The NCLT found that Bharat Capital and Holdings Limited met all criteria: a

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Respondents:** Bharat Capital…
- **Other parties:** Committee of…; Vinay Rajaram…; +4 more
- **Advocates:** Rajesh…; Sangeeta…; +1 more

## Timeline

- **1991-02-04 — Incorpor…**: Bharat Capital and Holdings…
- **2021-03-31 — Financial Creditor…**: Date of default to the Financial…

## 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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