# In the matter of VASOO BUILDERS PRIVATE LIMITED

> NCLT judgment dated 2025-09-18. Citation: TCN-2025-NCLT-01377. Vasoo Builders Private Limited filed a petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 18 Sept 2025
- **Citation:** TCN-2025-NCLT-01377
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-bengaluru/vasoo-builders-private-limited-abde8a15

## Summary

### Background

Vasoo Builders Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, for voluntary initiation of Corporate Insolvency Resolution Process (CIRP). The total default amount is stated to be Rs. 27,46,30,139/- comprising Rs. 8,24,70,225/- against Financial Creditors and Rs. 19,21,59,914/- against the Operational Creditor.

## Facts

Vasoo Builders Private Limited filed a petition for voluntary initiation of CIRP under Section 10 of the IBC.

The total default amount is Rs. 27,46,30,139/-, with Rs. 8,24,70,225/- against Financial Creditors and Rs. 19,21,59,914/- against Operational Creditors.

State Bank of India, a Financial Creditor, filed objections to the application.

The Petitioner was incorporated on 20.09.1982 and is engaged in civil engineering, public works, and building contracting.

The Petitioner's financial performance has been declining, with losses reported from FY 2019-2020 to FY 2022-2023.

The Adjudicating Authority allowed the petition and initiated CIRP.

## Issues and analysis

### Issue 1: Whether the application under Section 10 …

**Ratio:** Section 238A of the Insolvency and Bankruptcy Code, 2016 is only applicable to a section

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**Reasoning:** The Adjudicating Authority relied on the matter of Worldview Tours Pvt. Ltd. (CP IB No.

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**Interpretation:** The Limitation Act, 1963, does not apply to applications under Section 10 of

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**Application:** The application filed by the Corporate Applicant under section 10 of IBC, 2016

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## Parties

- **Judges:** Sunil Kumar…; Radhakrishna…
- **Respondents:** Vasoo Builders…
- **Other parties:** State Bank of…; B. Ak…

## Timeline

- **2024-04-10 — Filing of P…**: Petition for voluntary initiation of CIRP…
- **2024-11-20 — Objections…**: State Bank of India filed…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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