# Arvind Interiors Private Limited vs. N/A

> NCLT judgment dated 2026-07-09. Citation: TCN-2026-NCLT-00686. Arvind Interiors Private Limited, the Corporate Applicant, filed a petition under Section 10 of…

- **Court:** NCLT
- **Order date:** 9 Jul 2026
- **Citation:** TCN-2026-NCLT-00686
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/arvind-interiors-private-limited-pto1r

## Summary

### Background

Arvind Interiors Private Limited, the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for voluntary initiation of Corporate Insolvency Resolution Process (CIRP). The company had defaulted on its obligations to pay INR 6,17,13,063/- to its creditors, including a loan of INR 5 crores from Tumkur Grain Merchants Co. Operative Bank Ltd., with defaults occurring from 2019 onwards due to financial distress. The board of directors recommended CIRP, and shareholders approved the filing via a special resolution on 28.12.2024.

## Facts

Arvind Interiors Private Limited (Corporate Applicant) filed a petition under Section 10 of the IBC, 2016, for voluntary initiation of CIRP.

The Corporate Applicant failed to discharge obligations to pay INR 6,17,13,063/- to its creditors.

The company was incorporated on 23.09.2009, with its main object being interior designs and furnishers.

Its Authorised and Paid-up capital is Rs.30,00,000/-.

The Corporate Applicant took a loan of INR 5 crores from Tumkur Grain Merchants Co. Operative Bank Ltd. against a sanction letter dated 23.09.2013.

Loan disbursements occurred on 27.09.2013 (INR 2.5 crores), 09.01.2014 (INR 1.25 crores), and 30.03.2014 (Rs.1.25 crores).

The last loan payment of INR 12,33,162/- was made on 15.03.2014.

…

## Issues and analysis

### Issue 1: Whether the Corporate Applicant, Arvind Interiors Private Limited, has defaulted on its debt …

**Ratio:** The Corporate Applicant failed to discharge its obligations to pay INR 6,17,13,063/- to

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**Reasoning:** The NCLT's examination of the facts revealed a clear existence of debt and default, with

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**Interpretation:** The NCLT interpreted the financial distress and non-payment of dues as a clear

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**Application:** Based on the documented loan from Tumkur Grain Merchants Co. Operative Bank

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## Parties

- **Judges:** Sunil Kumar…; Shri. Banwari Lal…; +1 more
- **Respondents:** Arvind Interiors…; M/s Arvind…
- **Other parties:** Committee of…; Tumkur Grain…; +2 more
- **Advocates:** Goku…; Goku…

## Timeline

- **2025-05-22 — Petition…**: Arvind Interiors Private Limited filed a petition under Section 10 of IBC, 2016, for…
- **2025-08-19 — Order for Notice to…**: The Corporate Applicant was directed to serve notice on all creditors whose dues were…

## 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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