# In the matter of WE TWO ENGINEERING PRIVATE LIMITED

> NCLT judgment dated 2025-10-10. Citation: TCN-2025-NCLT-01514. We Two Engineering Private Limited filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 10 Oct 2025
- **Citation:** TCN-2025-NCLT-01514
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/we-two-engineering-private-limited-fbc33c0d

## Summary

### Background

We Two Engineering Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company cited financial difficulties exacerbated by COVID-19 and the transition to BS-VI emission norms as reasons for its inability to service its debt obligations.

## Facts

We Two Engineering Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Debtor's financial difficulties were exacerbated by the COVID-19 pandemic and the transition to BS-VI emission norms.

The Corporate Debtor defaulted on its debt to South Indian Bank Limited.

The South Indian Bank Limited, the Secured Financial Creditor, did not object to the admission of the petition.

The loan account of the Corporate Debtor was classified as Non-Performing Asset (NPA) on 16.05.2022.

A demand notice under Section 13(2) of the SARFAESI Act, 2002 was issued on 14.07.2022.

Symbolic possession of secured assets was taken in October 2022.

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## Issues and analysis

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

**Ratio:** The Adjudicating Authority is satisfied that a default has occurred and that the

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**Reasoning:** The Corporate Debtor has defaulted on its debt, and the Financial Creditor has not

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

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**Application:** The application is admitted, and CIRP is

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## Parties

- **Judges:** JYOTI KUMAR…; RAVICHANDRAN…
- **Respondents:** We Two Engineering…
- **Other parties:** K.C. Mo…; South Indian Bank…; +1 more
- **Advocates:** A. S. Sathish…

## Timeline

- **2025-10-10 — Order Pron…**: Order Pronounced on…
- **2025-04-07 — Board Reso…**: Board Resolution dated 07.04.2025 annexed…

## 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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