# Qualitronics (Madras) Pvt Ltd vs. ICICI Bank Limited & Ors.

> NCLT judgment dated 2026-08-25. Citation: TCN-2026-NCLT-00934. Qualitronics (Madras) Private Limited, the Corporate Debtor, filed an application under Section…

- **Court:** NCLT
- **Order date:** 25 Aug 2026
- **Citation:** TCN-2026-NCLT-00934
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/qualitronics-madras-pvt-ltd-vs-icici-bank-limited-ors-w5pvk

## Summary

### Background

Qualitronics (Madras) Private Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to discharge financial obligations. The Corporate Debtor had availed various financial facilities from ICICI Bank, Bajaj Finance Limited, Shriram Finance Limited, and numerous operational creditors, leading to defaults and recall notices.

## Facts

Qualitronics (Madras) Private Limited (Corporate Debtor) filed an application under Section 10 of the IBC, 2016, for initiation of CIRP.

The application was filed through its Managing Director and authorised signatory, Mr. Raghu Sambasivam, by a Board Resolution dated 08.03.2024.

The Corporate Debtor was incorporated on 07.05.1996 with an Authorized Capital and paid-up share capital of Rs. 40,00,000/- each.

Mr. G. Ramachandran was proposed as the Interim Resolution Professional (IRP).

The total amount of debt in default as on the date of petition was Rs. 9,66,81,177/-, including financial and operational creditors.

The Corporate Debtor availed various financial facilities from ICICI Bank, Bajaj Finance Limited, Shriram Finance Limited, and operational creditors.

…

## Issues and analysis

### Issue 1: Whether the present application filed by the Corporate Debtor under Section 10 of the Code …

**Ratio:** An application under Section 10 of the IBC must comply with the procedural requirements

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**Reasoning:** The Tribunal perused the records and observed that the Corporate Debtor had placed on

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**Interpretation:** Compliance with the procedural and documentary requirements of Section 10(3) is

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**Application:** The Corporate Debtor successfully satisfied the procedural requirements for

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## Parties

- **Judges:** Shri. JYOTI KUMAR…; SHRI. RAVICHANDRAN…
- **Respondents:** Qualitronics…; ICICI Bank…; +3 more
- **Other parties:** Raghu Samb…; Arvind…; +79 more
- **Advocates:** Anirudh Kr…; Adarsh Subr…; +8 more

## Timeline

- **1996-05-07 — Incorporation of…**: Qualitronics (Madras) Private…
- **2020-10-28 — ICICI Bank Credit…**: Credit arrangement…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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