# In the matter of VANATHI EXPORTS PRIVATE LIMITED

> NCLT judgment dated 2026-04-02. Citation: TCN-2026-NCLT-00329. Vanathi Exports Private Limited filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 2 Apr 2026
- **Citation:** TCN-2026-NCLT-00329
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/vanathi-exports-private-limited-1a0a6b32

## Summary

### Background

Vanathi Exports Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself due to its inability to discharge its financial obligations.

## Facts

Vanathi Exports Private Limited filed an application under Section 10 of the IBC seeking initiation of CIRP against itself.

The Corporate Debtor had availed credit facilities from several financial creditors, including Indian Bank, Fullerton India Credit Company Limited, Capital Float and Aditya Birla Finance Limited.

The Corporate Debtor defaulted in repayment of its financial obligations to the lenders.

Indian Bank classified the loan account as a non-performing asset and initiated recovery proceedings.

The total amount in default towards financial creditors aggregates to Rs.8,44,57,904/-.

The amount in default towards operational creditors is Rs. 24,71,700/-.

…

## Issues and analysis

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

**Ratio:** Section 10 of the Code enables a Corporate Debtor to initiate CIRP against itself when it

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**Reasoning:** The Corporate Debtor is required to comply with the requirements stipulated under Section

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**Interpretation:** The application must be complete in all material particulars, including

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**Application:** The Tribunal observed that the Corporate Debtor had placed on record the

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Appellants:** M/s. Vanathi…
- **Respondents:** Vanathi Exports…; Indian…; +1 more
- **Other parties:** P. Nitish…; P. Minish…; +14 more
- **Advocates:** R. Chandr…; Rohan Rajas…; +2 more

## Timeline

- **2023-04-22 — Board Reso…**: Board Resolution dated 22.04.2023 authorized Mr. P. Minish Kumar, Director of the…
- **2018-02-19 — OCC Facility S…**: Respondent Bank sanctioned an Open Cash Credit (OCC) facility of Rs. 1,70,00,000/- on…

## 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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