# In the matter of PARQUET FURNISHERS PRIVATE LIMITED

> NCLT judgment dated 2025-11-14. Citation: TCN-2025-NCLT-01860. Parquet Furnishers Pvt. Ltd. filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 14 Nov 2025
- **Citation:** TCN-2025-NCLT-01860
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/parquet-furnishers-private-limited-29fd110c

## Summary

### Background

Parquet Furnishers Pvt. Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself due to its inability to pay its debts. The Corporate Applicant defaulted on its repayment obligations to the Bank of Maharashtra, which classified the account as NPA on 12.05.2014.

## Facts

Parquet Furnishers Pvt. Ltd. filed an application under Section 10 of the IBC for initiating CIRP against itself.

The Corporate Applicant defaulted on its repayment obligations to the Bank of Maharashtra.

The account of the Corporate Applicant was classified as a Non-Performing Asset (NPA) on 12.05.2014.

The Financial Creditor initiated proceedings under the SARFAESI Act, 2002 and before the Debts Recovery Tribunal to recover its dues.

The Financial Creditor admitted the existence of financial debt and default and did not object to the admission of the application.

The Corporate Applicant proposed Mr. Saurab Sharma as the Interim Resolution Professional (IRP).

The Financial Creditor proposed Mr. Abhimanyu Mittal as the IRP.

…

## Issues and analysis

### Issue 1: Whether the application under Section 10 of the IBC should be admitted given the existence of …

**Ratio:** Once the existence of debt and default is established and the application is complete,

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**Reasoning:** The Financial Creditor admitted the existence of financial debt and default, and the

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**Interpretation:** The Adjudicating Authority interpreted Section 10 of the IBC to mean that if

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**Application:** The Adjudicating Authority applied the principle that once default is

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## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Respondents:** Parquet Furnishers…; Bank of Maharashtr…
- **Other parties:** Bhopinder Pal…; Saurab S…; +6 more
- **Advocates:** Abhishek…; Gulafsha K…; +1 more

## Timeline

- **1995-02-01 — Incorpor…**: Parquet Furnishers Pvt. Ltd. was…
- **2012-2013 — Credit Faci…**: The Corporate Applicant availed various credit…

## 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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