# In the matter of Intarvo Technologies Private Limited

> NCLT judgment dated 2023-10-16. Citation: TCN-2023-NCLT-01194. Intarvo Technologies Private Limited filed an application under Section 10 of the Insolvency…

- **Court:** NCLT
- **Order date:** 16 Oct 2023
- **Citation:** TCN-2023-NCLT-01194
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/intarvo-technologies-private-limited-19529580

## Summary

### Background

Intarvo Technologies Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself as the Corporate Debtor. The company acknowledged its inability to meet financial obligations due to accumulated losses and economic setbacks. The application was supported by a special resolution passed by the shareholders.

## Facts

Intarvo Technologies Private Limited, incorporated on 28.01.2001, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against itself. The company cited accumulated losses and economic setbacks as reasons for its inability to discharge statutory and contractual obligations. As of 30.11.2022, the company had an aggregated debt of Rs.2,29,10,842/-, including a Financial Debt of Rs.67,65,488/- and an Operational Debt of Rs.1,61,45,354/-. The shareholders passed a Special Resolution on 05.12.2022 to initiate CIRP. The company's audited financial statements for 2021-22 indicated that the balance sheet was prepared other than on a Going Concern Assumption, with the company incurring cash losses and its net worth fully eroded.

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## Issues and analysis

### Issue 1: Whether the Corporate Applicant is eligible to initiate Corporate Insolvency Resolution Process …

**Ratio:** The legal principle is that under Section 10, if a default has occurred and the Corporate

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**Reasoning:** The Adjudicating Authority relied on the NCLAT's decision in Unigreen Global Pvt. Ltd.

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

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**Application:** The Adjudicating Authority found that the Corporate Applicant had committed a

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## Parties

- **Judges:** P.S.N. P…; BINOD KUMAR…
- **Respondents:** Intarvo Technologi…

## Timeline

- **2001-01-28 — Incorporation of…**: Intarvo Technologies Private Limited was…
- **2022-12-05 — Special Resolution…**: Shareholders of the Corporate Applicant…

## 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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