# In the matter of VNM Components Pvt. Ltd. (IB) 36(ND) 2018

> NCLT judgment dated 2018-02-07. Citation: TCN-2018-NCLT-01868. The case involves VNM Components Pvt. Ltd. and pertains to Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 7 Feb 2018
- **Citation:** TCN-2018-NCLT-01868
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/vnm-components-pvt-ltd-ib-36nd-2018-e46530b2

## Summary

### Background

The case involves VNM Components Pvt. Ltd. and pertains to Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016. The Corporate Debtor admits the claim made in the petition but states it is unable to pay its dues due to financial crisis. The Corporate Debtor has named an Interim Resolution Professional (IRP).

## Facts

VNM Components Pvt. Ltd. is facing insolvency proceedings under Section 10 of the IBC, 2016. The Corporate Debtor acknowledges the debt but claims inability to pay due to a financial crisis. The Corporate Debtor does not object to the initiation of CIRP and has proposed Ms. JayaShree Shukla Dasgupta as the IRP. The IRP's eligibility and consent are on record. The petition was filed and admitted, and the IRP was confirmed.

## Issues and analysis

### Issue 1: Whether the petition for initiation of CIRP against VNM Components Pvt. Ltd. should be admitted …

**Ratio:** A petition for CIRP can be admitted if the Corporate Debtor admits the debt and is unable

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**Reasoning:** The court considered the Corporate Debtor's admission of the claim and its inability to

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**Interpretation:** Section 10 of the IBC allows a Corporate Debtor to initiate CIRP when it admits

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**Application:** The Corporate Debtor's admission of debt and inability to pay, coupled with its

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## Parties

- **Judges:** Deepa Kr…; Ina Mal…; +1 more
- **Respondents:** VNM Components…

## Timeline

- **2018-02-07 — Hearing…**: Hearing before the…
- **2018-03-08 — Next Hearin…**: Case to come up for…

## 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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