# In the matter of Forbes Technosys Limited

> NCLT judgment dated 2025-03-24. Citation: TCN-2025-NCLT-01040. Forbes Technosys Limited filed a company petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 24 Mar 2025
- **Citation:** TCN-2025-NCLT-01040
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/forbes-technosys-limited-0fed080b

## Summary

### Background

Forbes Technosys Limited filed a company petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company claimed default in paying financial debt of Rs. 1,65,33,33,413.74 and operational debt of Rs. 16,04,02,675.76.

## Facts

Forbes Technosys Limited filed a petition under Section 10 of the IBC to initiate CIRP.

The company claimed default in financial debt of Rs. 1,65,33,33,413.74 and operational debt of Rs. 16,04,02,675.76.

The Board of Directors resolved to initiate CIRP against the company on January 31, 2024.

The company placed on record Audited Balance Sheets for the financial years 2021-2022 and 2022-2023.

There were more than 10 cases of civil, criminal, and insolvency nature filed by and against the company.

Panache Digilife Ltd., an operational creditor, filed an intervention petition objecting to the admission of the petition.

The Adjudicating Authority admitted the petition and initiated CIRP against Forbes Technosys Limited.

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## Issues and analysis

### Issue 1: Whether the Section 10 petition filed by Forbes Technosys Limited is complete and admissible under …

**Ratio:** Section 10(4) of the IBC allows the Adjudicating Authority to admit the petition if it is

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**Reasoning:** The Adjudicating Authority found that the petition was complete and the Corporate

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**Interpretation:** The Adjudicating Authority interpreted Section 10(4) to mean that if the

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**Application:** The Adjudicating Authority applied Section 10(4) and admitted the petition

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Panache Digilife…; M/s Forbes…
- **Respondents:** Forbes Technosys…
- **Other parties:** Forbes and…; Forbes Campbell…; +4 more
- **Advocates:** Bhanu C…

## Timeline

- **1991-07-09 — Incorpor…**: Forbes Technosys Limited was incorporated as…
- **2004-07-28 — Name Cha…**: A fresh certificate of incorporation was issued consequent to the change of name to…

## 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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