# In the matter of PARQUET FURNISHERS PRIVATE LIMITED

> NCLT judgment dated 2025-11-14. Citation: TCN-2025-NCLT-01669. 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-01669
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/parquet-furnishers-private-limited-39d01c98

## 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 Insolvency and Bankruptcy Code, 2016, 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 has also initiated proceedings under Part III of the Insolvency and Bankruptcy Code, 2016 against the personal guarantors of the Corporate Applicant.

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

…

## Issues and analysis

### Issue 1: Whether the application under Section 10 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** The Adjudicating Authority found that the Corporate Applicant had established default in

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**Reasoning:** The Financial Creditor admitted the existence of debt and default and did not object to

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**Interpretation:** The Adjudicating Authority interpreted Section 10 of the Code to mean that once

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**Application:** The Adjudicating Authority applied the provisions of Section 10 of the Code and

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## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Respondents:** Parquet Furnishers…; Bank of Maharashtr…
- **Other parties:** Bhopinder Pal…; Saurab S…; +5 more
- **Advocates:** Abhishek…; Gulafsha K…; +1 more

## Timeline

- **01.02.1995 — Incorpor…**: The Corporate Applicant was incorporated…
- **2012-2013 — Credit Facilities…**: 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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