# In the matter of 10i Commerce Service Private Limited CP (IB) No.161-BB-2022

> NCLT judgment dated 2023-06-09. Citation: TCN-2023-NCLT-03013. The case pertains to an application filed by M/s 10i Commerce Service Private Limited under…

- **Court:** NCLT
- **Order date:** 9 Jun 2023
- **Citation:** TCN-2023-NCLT-03013
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/10i-commerce-service-private-limited-cp-ib-no161-bb-2022-88d2fe3b

## Summary

### Background

The case pertains to an application filed by M/s 10i Commerce Service Private Limited under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) in respect of itself. The Corporate Applicant stated that it was unable to pay its debts due to insufficiency of funds and requested a waiver of the 10-day notice period. The application was supported by a special resolution passed by the shareholders of the corporate applicant and no objections were received from the creditors.

## Facts

M/s 10i Commerce Service Private Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate Corporate Insolvency Resolution Process (CIRP) for itself. The company was incorporated on 10.03.2015 and is engaged in operating an e-commerce platform. The Corporate Applicant obtained USD term loan facilities from FSX PTE LTD (Lender 1) amounting to USD 12,640,000, USD 2,000,000 and USD 1,500,000 vide facility agreements dated 06.01.2021, 08.07.2021 and 29.04.2022 respectively. It also obtained Indian rupee term loans from Mr. Nandan M. Nilekeni (Lender 2) amounting to INR 88,37,40,000, INR 14,52,44,018 and INR 11,25,00,000 vide facility agreements dated 06.01.2021, 30.07.2021 and 01.04.2022

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## Issues and analysis

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

**Ratio:** The Hon'ble Supreme Court in “Innoventive Industries Ltd. (Supra) held that the

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**Reasoning:** The Tribunal relied on the judgment of the Hon'ble Supreme Court in Innoventive

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**Interpretation:** This interpretation emphasizes the mandatory nature of admitting an application

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**Application:** In this case, the Tribunal found that there was a debt due and a default had

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Appellants:** M/s 10i Commerce…
- **Respondents:** 10i Commerce…

## Timeline

- **2015-03-10 — Incorporation of…**: M/s 10i Commerce Service…
- **2021-01-06 — Facility Agreement with…**: Agreement for USD…

## 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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