# In the matter of VANATHI EXPORTS PRIVATE LIMITED

> NCLT judgment dated 2026-04-02. Citation: TCN-2026-NCLT-00331. 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-00331
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/vanathi-exports-private-limited-7a908f8b

## Summary

### Background

Vanathi Exports Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to discharge its financial obligations. Indian Bank and Aditya Birla Finance Limited opposed the application.

## 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 various financial 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 due to adverse financial conditions and severe cash flow constraints.

Indian Bank classified the loan account as a non-performing asset and initiated recovery proceedings before the Debt Recovery Tribunal-II, Chennai.

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

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## 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 Tribunal observed that the Corporate Debtor had placed on record the necessary

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**Interpretation:** The Tribunal interpreted Section 10 of the Code and the relevant rules to mean

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**Application:** The Tribunal applied the provisions of Section 10 of the Code and the relevant

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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…; +13 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…
- **2026-04-02 — Order Pron…**: Order Pronounced on 02.04.2026, admitting…

## 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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