# In the matter of Rudraksh Dealcom Private Limited C.P (I.B) No. 34-KB-2022

> NCLT judgment dated 2022-07-11. Citation: TCN-2022-NCLT-01770. The case pertains to an application filed by Rudraksh Dealcom Private Limited under Section 10…

- **Court:** NCLT
- **Order date:** 11 Jul 2022
- **Citation:** TCN-2022-NCLT-01770
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/rudraksh-dealcom-private-limited-cp-ib-no-34-kb-2022-a812a8e7

## Summary

### Background

The case pertains to an application filed by Rudraksh Dealcom Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company, incorporated on 29/01/2008, faced financial difficulties, with its net worth eroding in F.Y. 2014-15. Despite efforts and support from stakeholders, the company could not achieve its planned turnover due to external and internal environmental changes and the impact of the COVID-19 pandemic.

## Facts

Rudraksh Dealcom Private Limited (CIN: U51109WB2008PTC122189) filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP against itself. The company's net worth eroded in F.Y. 2014-15, and financial statements were not prepared on a going concern basis. The company faced challenges due to external and internal environmental changes and the COVID-19 pandemic. As of 20.10.2021, the total debt owed to Financial Creditors was Rs. 5,00,000, and to Operational Creditors was Rs. 2,64,51,390. The application was authorized by a Board Resolution dated 16/09/2021. The Corporate Applicant proposed Mr. Neeraj Jain as the IRP. The members of the Corporate Applicant gave their consent by way of a resolution passed in the Extra

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## Issues and analysis

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

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

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**Reasoning:** The court observed that the Corporate Applicant had admitted to being in default of a

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**Interpretation:** Section 10 provides a mechanism for a corporate entity facing financial

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

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## Parties

- **Judges:** RohitKa…; Harish Chander…
- **Respondents:** Rudraksh Dealcom…

## Timeline

- **2008-01-29 — Incorporati…**: The Corporate Applicant was incorporated on…
- **2014-01-01 — Net Worth E…**: In F.Y. 2014-15, the net worth of…

## 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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