# Byindia Creations Pvt Ltd

> NCLT judgment dated 2025-06-23. Citation: TCN-2025-NCLT-00736. The application was filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016,…

- **Court:** NCLT
- **Order date:** 23 Jun 2025
- **Citation:** TCN-2025-NCLT-00736
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/byindia-creations-pvt-ltd-0019433f

## Summary

### Background

The application was filed under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, by Byindia Creations Private Limited, the Corporate Debtor (CD). The CD was incorporated on March 24, 2013. The company's board authorized Mr. Praveen Kumar Daruka to submit the application for initiating insolvency proceedings. The CD submitted its balance sheet as of March 31, 2022. The applicant defaulted on payments to its financial creditor, Punjab National Bank (PNB), and various operational creditors. The last renewal of the credit facility was on January 2, 2020, in favor of Oriental Bank of Commerce (merged with PNB).

## Facts

Byindia Creations Private Limited, the Corporate Debtor (CD), filed an application under Section 10 of the Insolvency and Bankruptcy Code (IBC), 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The CD was incorporated on March 24, 2013. The company defaulted on payments to its financial creditor, Punjab National Bank (PNB), and various operational creditors. The last renewal of the credit facility was on January 2, 2020, in favor of Oriental Bank of Commerce (merged with PNB). The outstanding amount due to the financial creditor was Rs. 230.74 lakh. The financial creditor issued demand notices on various dates, including January 4, 2021, December 15, 2021, February 16, 2022, and June 1, 2022, and declared the account as NPA on April 11, 2022.

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate …

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

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**Reasoning:** The court observed that the applicant had submitted documents indicating eligibility to

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**Interpretation:** Section 10 of the IBC provides the mechanism for a corporate debtor to initiate

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**Application:** The court applied Section 10 of the IBC to the facts of the case, noting that

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Respondents:** Byindia Creations…; Hirva…
- **Advocates:** Nitu Chat…; Aditya…; +2 more

## Timeline

- **2013-03-24 — Incorporation of…**: Byindia Creations Private…
- **2020-01-02 — Last Renewal of Credit…**: The last renewal of the credit facility was in favor of Oriental Bank of Commerce (merged…

## 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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