# Bharat Capital and Holdings Limited In Re

> NCLT judgment dated 2026-07-28. Citation: TCN-2026-NCLT-00748. Bharat Capital and Holdings Limited, a financier, filed an application under Section 10 of the…

- **Court:** NCLT
- **Order date:** 28 Jul 2026
- **Citation:** TCN-2026-NCLT-00748
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/bharat-capital-and-holdings-limited-in-re-g69ot

## Summary

### Background

Bharat Capital and Holdings Limited, a financier, filed an application under Section 10 of the IBC to initiate its Corporate Insolvency Resolution Process (CIRP). The company is experiencing severe financial stress, rendering it unable to repay its debts to creditors, including an unsecured loan from a Financial Creditor and outstanding dues to the Income Tax Department, an 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 was filed due to the Corporate Applicant's financial stress and inability to repay debts, being in default.

The Corporate Applicant was incorporated on 04.02.1991, engaged in business as a financier.

The Corporate Applicant availed an unsecured loan of Rs.7,50,00,000/- on a temporary basis from a Financial Creditor.

The Corporate Applicant repaid Rs.1,06,00,000/- and Rs.2,03,43,200/- of the unsecured loan.

Outstanding dues to the Financial Creditor amount to Rs.4,40,56,800/-, with the date of default being 31.03.2021.

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## Issues and analysis

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

**Ratio:** An application under Section 10 of the IBC must be admitted if it is complete in all

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**Reasoning:** The Corporate Applicant submitted all required documents, including financial statements,

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**Interpretation:** Section 10 of the IBC mandates admission of a corporate applicant's CIRP

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**Application:** The NCLT applied the principles from Unigreen Global Private Limited Vs. Punjab

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## Parties

- **Judges:** ANIL RAJ C…; K. R. SAJI…
- **Respondents:** Bharat Capital…
- **Other parties:** Vinay Rajaram…; Board of Directors…; +3 more
- **Advocates:** Rajesh…; Sangeeta…; +1 more

## Timeline

- **1991-02-04 — Incorporation of…**: Bharat Capital and Holdings Limited was incorporated under the provisions of the…
- **2021-03-31 — Date of Default to…**: The date of default for the outstanding amount of Rs.4,40,56,800/- due 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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