# M/S REDMIL BUSINESS MALL PRIVATE LIMITED vs. Corporate Insolvency Resolution Process

> NCLT judgment dated 2026-10-14. Citation: TCN-2026-NCLT-01227. M/S REDMIL BUSINESS MALL PRIVATE LIMITED (Corporate Applicant) filed a petition under Section…

- **Court:** NCLT
- **Order date:** 14 Oct 2026
- **Citation:** TCN-2026-NCLT-01227
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/redmil-business-mall-private-limited-tjvbt

## Summary

### Background

M/S REDMIL BUSINESS MALL PRIVATE LIMITED (Corporate Applicant) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company, engaged in digital commerce and payment services, faced severe cash flow constraints and financial distress due to non-receipt of payments from its clients, rendering it unable to discharge its liabilities to operational and financial creditors. The total debt in default amounted to Rs. 9,41,24,516/-.

## Facts

The petition was filed on 30.04.2026 by Redmil Business Mall Pvt. Ltd. (Corporate Applicant) under Section 10 of the IBC, 2016.

The application seeks initiation of Corporate Insolvency Resolution Process (CIRP) against the Corporate Applicant itself.

The application in Form 6 was filed through its Authorized Representative, Mr. Mahaveer Yadav, authorized by a Board Resolution dated 23.04.2026.

The Corporate Applicant was incorporated on 09.05.2018 with CIN: U74999UP2018PTC104078.

The Corporate Applicant's registered office is at 1001, 10th Floor, Tower B, Advant Navis Park, Sector-142, Noida, Uttar Pradesh-201305.

The authorized and paid-up share capital of the company is Rs. 50,00,000/- each.

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## Issues and analysis

### Issue 1: Whether the Corporate Applicant satisfies the conditions for initiation of Corporate Insolvency …

**Ratio:** An application under Section 10 of the IBC, 2016, for initiation of CIRP by a corporate

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**Reasoning:** The NCLT perused records, including the provisional Statement of Profit and Loss, which

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**Interpretation:** Section 10 allows a corporate applicant to initiate CIRP against itself if it

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**Application:** The Corporate Applicant, Redmil Business Mall Pvt. Ltd., demonstrated financial

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## Parties

- **Judges:** Sh. Praveen…; Sh. Ashish…
- **Respondents:** M/S REDMIL…
- **Other parties:** Sh. Sagar S…; Sh. Mahaveer…; +4 more
- **Advocates:** Sh. Vishal…; Sh. Soin…; +4 more

## Timeline

- **2023-07-24 — Board Resoluti…**: Board Resolution passed by the board of directors approving the filing of the application…
- **2025-04-08 — Agreement with…**: Mutual Services and Exchange Agreement executed…

## 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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