# In the matter of KRISFO INFOTECH SOLUTIONS PRIVATE LIMITED

> NCLT judgment dated 2026-03-10. Citation: TCN-2026-NCLT-00209. Krisfo Infotech Solutions Private Limited filed an application under Section 10 of the…

- **Court:** NCLT
- **Order date:** 10 Mar 2026
- **Citation:** TCN-2026-NCLT-00209
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/krisfo-infotech-solutions-private-limited-b3aae153

## Summary

### Background

Krisfo Infotech Solutions Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking voluntary initiation of Corporate Insolvency Resolution Process (CIRP) as it failed to discharge its obligations to pay its creditors.

## Facts

Krisfo Infotech Solutions Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Applicant defaulted in repayment of its liabilities amounting to Rs. 8,03,12,328/-.

The Corporate Applicant ceased operations, vacated its godown premises, and laid off all employees.

CMS IT Services Private Limited, an operational creditor, filed objections stating that the outstanding amount payable to it was incorrectly reflected in the list of operational creditors.

Hinduja Leyland Finance Ltd., another creditor, filed objections stating that the Corporate Debtor had suppressed the fact that a demand notice under Section 13(2) of the SARFAESI Act had been issued and possession of the secured asset had been taken.

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## Issues and analysis

### Issue 1: Whether the application under Section 10 of the IBC is maintainable despite objections from …

**Ratio:** The Adjudicating Authority can admit an application if it is complete and no disciplinary

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**Reasoning:** The Adjudicating Authority noted that the objecting creditors acknowledged that amounts

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

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**Application:** The Adjudicating Authority applied the above interpretation to the facts of the

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Appellants:** Krisfo Infotech…
- **Respondents:** Krisfo Infotech…
- **Other parties:** Hinduja Leyland…; Canara…; +6 more

## Timeline

- **2008-09-23 — Incorpor…**: The Corporate Applicant is a Company incorporated on 23.09.2008 under the provisions of…
- **2009-2010 — Initial O…**: The Corporate Applicant initially received orders from Bank of India and State Bank of…

## 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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