# In the matter of Arihant Retail Private Limited

> NCLT judgment dated 2025-05-02. Citation: TCN-2025-NCLT-00983. Arihant Retail Private Limited, the Corporate Applicant, filed a petition under Section 10 of…

- **Court:** NCLT
- **Order date:** 2 May 2025
- **Citation:** TCN-2025-NCLT-00983
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/arihant-retail-private-limited-936c536b

## Summary

### Background

Arihant Retail Private Limited, the Corporate Applicant, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company faced financial distress due to the Covid-19 pandemic, leading to business disruptions and an inability to repay its loan obligations.

## Facts

Arihant Retail Private Limited filed a petition under Section 10 of the IBC to initiate CIRP.

The company's financial distress was attributed to the Covid-19 pandemic.

The total debt raised and the amount in default is Rs. 1,16,53,97,952.22.

The dates of defaults are 12.10.2018, 05.11.2018, 03.02.2017 and 21.01.2020.

The Petitioner had created charge for Rs. 8,75,00,000/- on 30.10.2017, Rs. 3,00,00,000/- on 14.07.2017 modified on 30.10.2017 in favour of Axis Bank Limited.

LIC Housing Finance Limited had sanctioned a housing loan of Rs. 45,00,00,000/- on 03.02.2017 and additional loan of Rs. 70,00,00,000/- on 28.12.2017.

Axis Bank Limited had sanctioned credit facilities of Rs. 11.75 Crores on 12.10.2018.

…

## Issues and analysis

### Issue 1: Whether the petition filed under Section 10 of the IBC is complete and meets the requirements for …

**Ratio:** Section 10 of the IBC allows a corporate applicant to file an application for initiating

…

**Reasoning:** The Adjudicating Authority examined the petition and found that it contained all the

…

**Interpretation:** The Adjudicating Authority interpreted Section 10 to mean that if the

…

**Application:** The Adjudicating Authority applied Section 10 to the facts of the case and

…

## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Arihant Retail…
- **Respondents:** Arihant Retail…
- **Other parties:** Pradeep C…; Axis Bank L…; +5 more
- **Advocates:** Umasu…; P.Elayara…; +1 more

## Timeline

- **2018-10-12 — Default…**: One of the dates of default by…
- **2018-11-05 — Default…**: One of the dates of default by…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chennai/arihant-retail-private-limited-936c536b