# In the matter of Comfund Consulting Limited C.P. (IB) No. 202-BB-2020

> NCLT judgment dated 2020-09-11. Citation: TCN-2020-NCLT-00648. The case pertains to an application filed by M/s. Comfund Consulting Limited under Section 10…

- **Court:** NCLT
- **Order date:** 11 Sept 2020
- **Citation:** TCN-2020-NCLT-00648
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/comfund-consulting-limited-cp-ib-no-202-bb-2020-a5eb5a16

## Summary

### Background

The case pertains to an application filed by M/s. Comfund Consulting Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company claimed to have committed defaults in payments to micro and small enterprises, related parties, others, and statutory dues. The Board of Directors convened a meeting on 27.09.2019, resolving to file the application, which was later approved by the members in an Extra Ordinary General Meeting held on 27.09.2020.

## Facts

M/s. Comfund Consulting Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company defaulted on payments including Rs. 54,000/- owed to micro and small enterprises, Rs. 36,67,988/- payable to related parties, and other amounts payable to others and as statutory dues. The Board of Directors convened a meeting on 27.09.2019, resolving to file the application, which was approved by the members on 27.09.2020. The company reported losses of Rs.12,61,722/- and Rs.3,600/- for the years ending 31.03.2020 and 30.06.2020, respectively. As of 31.03.2019, the company's total liabilities equaled its total assets. The applicant suggested Ms. Bhuvaneshwari Ramanathan

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## Issues and analysis

### Issue 1: Whether the application filed by M/s. Comfund Consulting Limited under Section 10 of the Insolvency …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, allows a Corporate Applicant to

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**Reasoning:** The Adjudicating Authority found that the Corporate Debtor had committed defaults in its

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**Interpretation:** Section 10 of the IBC provides a mechanism for a Corporate Applicant to

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**Application:** The Adjudicating Authority applied the provisions of Section 10 of the IBC to

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## Parties

- **Judges:** Rajeswara Rao…; Ashutosh C…
- **Respondents:** M/s. Comfund…

## Timeline

- **2019-09-27 — Board of Directors…**: The Board of Directors of the Petitioner Company convened a meeting in which it resolved…
- **2020-07-08 — Consent in For…**: Ms. Bhuvaneshwari Ramanathan filed her written Consent in Form-2 declaring that she is…

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