Case Details

Case Name: CP (IB) No.39/BB/2025 - In the matter of Lucetio Primary Manpower Private Limited

Parties: Corporate Applicant/Petitioner - Lucetio Primary Manpower Pvt Ltd

Court/Authority: National Company Law Tribunal, Bengaluru Bench

Case Number: CP (IB) No.39/BB/2025

Order Date: 20.05.2026

Filing Date: 03.03.2025

Period of Default: Ongoing financial stress with specific debt accumulation dating back to at least 2019

Parties Involved

Petitioner: Lucetio Primary Manpower Private Limited (CIN: U70102KA2010PTC056128)

Representation: Mrs. Krutika Raghavan, Learned Counsel for the Petitioner

Interim Resolution Professional: Sh. Sushanta Kumar Choudhury (Registration No. IBBI/IPA-003/00292/2020-2021/13238)

Creditors: Multiple vendors and statutory authorities (details in Annexure K)

Tribunal Members: Shri Sunil Kumar Aggarwal (Member Judicial) and Shri Radhakrishna Sreepada (Member Technical)

Issues / Allegations / Violations

The Corporate Applicant has failed to discharge its financial obligations totaling INR 3,18,01,161/- (Three Crore Eighteen Lakhs One Thousand One Hundred Sixty-One Only) to various creditors. The financial distress resulted from:

  • Steadily deteriorating prospects and profitability in recent years
  • Inability to pay vendors for services procured, leading to multiple demand notices
  • Specific court award in A. C. No. 139/2019 requiring payment of INR 1,08,87,680/- plus 12% interest from 01.01.2019, totaling INR 1,23,79,707 as of petition date
  • Statutory dues aggregating to INR 3,06,99,738
  • Assets insufficient to meet liabilities, making business operations as a going concern increasingly difficult

Findings & Observations

The Tribunal found:

  • Existence of debt and default beyond the statutory threshold under Section 10 of IBC 2016
  • Financial statements for 2021-2022, 2022-2023 & 2023-2024 show substantial losses and negative net worth
  • The company is not disqualified under Section 11 of the Code
  • Special resolution passed by shareholders on 27.12.2024 approving voluntary initiation of CIRP
  • No opposition from any creditors despite service of notice to all creditors with dues exceeding INR 1 lakh
  • No pending disciplinary proceedings against the proposed Resolution Professional

Penalties / Settlements / Directions

Admission of Petition: CP (IB) 39/BB/2025 admitted and Corporate Insolvency Resolution Process initiated

Moratorium Imposed: Under Section 14(1) of IBC 2016, effective from order date until completion of CIRP, covering:

  • Institution or continuation of suits against corporate debtor
  • Transferring, encumbering or disposing of assets
  • Action to foreclose, recover or enforce security interest
  • Recovery of property by owners/lessors

IRP Appointment: Sushanta Kumar Choudhury appointed as Interim Resolution Professional with specific directions including:

  • Taking control and custody of assets
  • Preparing complete inventory of assets
  • Causing public announcement within three days
  • Submitting monthly progress reports
  • Affixing notice board at corporate debtor's premises

Financial Direction: Petitioner must deposit INR 2,50,000/- with IRP for process expenses

Corrective Actions & Future Obligations

IRP Responsibilities:

  • Exercise all powers under Section 18 including taking control of assets
  • Act in accordance with Code, rules, and code of conduct
  • Constitute Committee of Creditors and file report within 30 days
  • Convene first CoC meeting within 7 days of constitution report
  • Individually intimate all statutory authorities (PF Department, ESIC, Income Tax, GST/VAT, ROC, etc.)
  • Submit monthly progress reports with photographs of assets

Corporate Debtor Obligations:

  • Directors, personnel and management must extend all cooperation to IRP
  • Provide access to books, records, and assets (physical and virtual)

Final Ruling & Enforcement

The petition is admitted and Corporate Insolvency Resolution Process is initiated against Lucetio Primary Manpower Private Limited. The moratorium is effective immediately. The IRP is directed to commence the resolution process as per the Code. The matter is listed for next hearing on 15.07.2026 for receiving the Resolution Professional's report. A copy of the order must be communicated to all parties including the IRP and creditors.