# In the matter of Victory Vision Home Appliances Private Limited IBA-1048-2019

> NCLT judgment dated 2019-11-13. Citation: TCN-2019-NCLT-00609. The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Nov 2019
- **Citation:** TCN-2019-NCLT-00609
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/victory-vision-home-appliances-private-limited-iba-1048-2019-15ef3264

## Summary

### Background

The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, by M/s. Victory Vision Home Appliances Private Limited, the Corporate Applicant, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's inability to meet its financial obligations to its Financial Creditors.

## Facts

M/s. Victory Vision Home Appliances Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating Corporate Insolvency Resolution Process (CIRP). The company defaulted on its financial obligations to its Financial Creditors. The total default amount was ₹6,18,32,427, including ₹2,36,93,695 to Financial Creditors, ₹3,72,77,411 to Operational Creditors, ₹7,90,902 to Employees, and ₹70,419 as Statutory Dues. The shareholders of the company passed a special resolution approving the initiation of CIRP. The company proposed an Interim Resolution Professional (IRP). The application was filed after the company defaulted in payments, as reflected in its audited financial statements for the year ended 31.03.2018 and provisional

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## Issues and analysis

### Issue 1: Whether the application filed by M/s. Victory Vision Home Appliances Private Limited under Section …

**Ratio:** Section 10 of the IBC allows a corporate applicant to initiate CIRP if it has committed a

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**Reasoning:** The court found that the Corporate Applicant had defaulted in making payments to its

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**Interpretation:** Section 10 of the IBC provides a mechanism for a corporate debtor to initiate

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**Application:** The court applied Section 10 of the IBC to the facts of the case, noting the

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## Parties

- **Judges:** B.S.V. Prakash…; S. VIJAYARA…
- **Respondents:** M/s. Victory…

## Timeline

- **2019-11-13 — Order Del…**: Order delivered on the application filed by M/s. Victory Vision Home Appliances Private…
- **2019-11-13 — Order Pron…**: Order pronounced on the application filed by M/s. Victory Vision Home Appliances Private…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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