# In the matter of ELEGANCE MALLS LIMITED

> NCLT judgment dated 2025-06-09. Citation: TCN-2025-NCLT-00001. Elegance Malls Limited filed an application under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 9 Jun 2025
- **Citation:** TCN-2025-NCLT-00001
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/elegance-malls-limited-540026da

## Summary

### Background

Elegance Malls Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's inability to repay its debts, including financial and operational debts. The company's director, Sahil Anand, was authorized to file the application through a special resolution. The company has defaulted on payments to various creditors, including Prius Real Estate Private Limited, SVIIT Software Private Limited, and Rapid Buildwell Limited. The total debt amounts to Rs. 1,09,21,224/-.

## Facts

Elegance Malls Limited, incorporated on 05.04.2005, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP. The application was authorized by its director, Sahil Anand, through a special resolution dated 25.06.2024. The company's registered office is located in Saket, New Delhi. The company has defaulted on financial debts of Rs. 84,91,224/- and operational debts of Rs. 24,30,000/-, totaling Rs. 1,09,21,224/-. The company entered into a Memorandum of Understanding with Prius Real Estate Private Limited ('FC-1') on 04.08.2014 for unsecured financial assistance of Rs. 2,00,00,000/-, out of which FC-1 disbursed Rs. 1,30,00,000/- on 06.08.2014, Rs. 1,50,000/- on 29.04.2015, and Rs. 1,00,000/- on 29.04.2016. The company paid

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## Issues and analysis

### Issue 1: Whether the Corporate Applicant, Elegance Malls Limited, is eligible to file an application under …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016 allows a corporate applicant to

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**Reasoning:** The Adjudicating Authority considered the submissions made and documents placed on

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**Interpretation:** Section 10 provides a mechanism for a corporate debtor to initiate CIRP when it

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**Application:** The Corporate Applicant, Elegance Malls Limited, filed the application under

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## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Respondents:** Elegance Malls…

## Timeline

- **2005-04-05 — Incorporation of…**: Elegance Malls Limited was…
- **2009-09-15 — Name Cha…**: Unitech Malls Limited changed its…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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