# 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-03014. 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-03014
- **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-fe5ca2e0

## 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) against itself. The Corporate Applicant stated that it had defaulted on its debt obligations to its lenders, FSX PTE LTD (Lender 1) and Mr. Nandan M. Nilekeni (Lender 2). The lenders had issued acceleration notices demanding payment of outstanding amounts. The Corporate Applicant acknowledged its inability to pay the debts and passed a special resolution to file the application under Section 10 of the IBC.

## 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, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The Corporate Applicant is a Private Limited Company incorporated on 10.03.2015. It operates 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,

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Applicant under Section 10 of the Insolvency and …

**Ratio:** As per Section 10 of the Insolvency and Bankruptcy Code, 2016, a Corporate Applicant can

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**Reasoning:** The Adjudicating Authority considered the provisions of Section 10 of the IBC and the

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**Interpretation:** Section 10 of the IBC allows a corporate debtor to initiate CIRP against itself

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**Application:** In this case, the Corporate Applicant had filed an application under Section 10

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## Parties

- **Judges:** T. Krishn…; Manoj Kumar…
- **Respondents:** 10i Commerce…

## Timeline

- **2015-03-10 — Incorporation of…**: M/s 10i Commerce Service…
- **2021-01-06 — Facility Agreement with…**: Facility agreement for USD 12,640,000 (ECB…

## 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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