# In the matter of Annie Traders Private Limited

> NCLT judgment dated 2025-06-04. Citation: TCN-2025-NCLT-00939. Annie Traders Private Limited filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 4 Jun 2025
- **Citation:** TCN-2025-NCLT-00939
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/annie-traders-private-limited-4202dcb4

## Summary

### Background

Annie Traders Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself.

## Facts

Annie Traders Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The application was filed through one of its Directors, authorized by a Board Resolution.

The Corporate Applicant is a private company incorporated under the Companies Act, 1956.

The Corporate Applicant's authorized capital is Rs.20,30,00,000/- and Paid-Up Capital is Rs.10,00,000/-.

The amount of debt in default is Rs.29,61,05,307/- and the date of default is 01.11.2019.

The Corporate Debtor entered into a Settlement Agreement with Ram Chandra Traders Pvt Ltd, an operational creditor.

The shareholders and board resolutions of the Corporate Debtor, resolving to initiate CIRP under section 10 of IBC,2016 is dated 22.12.2021.

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## Issues and analysis

### Issue 1: Whether the application under Section 10 of the Insolvency and Bankruptcy Code, 2016 is complete …

**Ratio:** Section 10 of the IBC allows a corporate debtor to initiate CIRP if a default has

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**Reasoning:** The Adjudicating Authority examined the application and accompanying documents and found

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**Interpretation:** A complete application under Section 10 must contain all the particulars and

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**Application:** The application was deemed complete as it contained the necessary information,

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Respondents:** Annie Traders…
- **Other parties:** Mr.Thangamuthu…; K.J. V…; +7 more
- **Advocates:** Rohan Rajas…; Madhusruthi…

## Timeline

- **2025-06-04 — Order Pron…**: Order Pronounced on…

## 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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