# In the matter of Srius Business Solutions Pvt. Ltd. C.P. (IB) No. 392-10-HDB-2022

> NCLT judgment dated 2023-02-03. Citation: TCN-2023-NCLT-04783. The case pertains to an application filed by M/s. Srius Business Solutions Pvt Ltd under…

- **Court:** NCLT
- **Order date:** 3 Feb 2023
- **Citation:** TCN-2023-NCLT-04783
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srius-business-solutions-pvt-ltd-cp-ib-no-392-10-hdb-2022-5f9041f6

## Summary

### Background

The case pertains to an application filed by M/s. Srius Business Solutions Pvt Ltd under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP) against itself. The company, engaged in developing packaged software, faced financial difficulties due to lack of sales and the loss of employees in its subsidiary company. An operational creditor, M/s. Key Solutions Inc., USA, stopped purchasing software due to the applicant's failure to deliver on time and demanded payment of outstanding dues.

## Facts

M/s. Srius Business Solutions Pvt Ltd, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of CIRP against itself. The company develops packaged software but experienced financial difficulties, including no sales in the last 11 months and the loss of employees in its subsidiary. M/s. Key Solutions Inc., USA, an operational creditor, stopped purchasing software due to the applicant's failure to deliver on time and demanded payment of Rs. 3,64,25,656/-. The company is also owed Rs. 1,88,54,304/- by its subsidiary, M/s. INDUS Business Solutions Limited, which has filed a CIRP application. The company's total outstanding is Rs. 3,64,25,656/-, and its members approved the CIRP application in an

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## Issues and analysis

### Issue 1: Whether the application for initiation of Corporate Insolvency Resolution Process under Section 10 …

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

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**Reasoning:** The court considered that the Corporate Debtor owed debts to operational creditors and

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

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

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## Parties

- **Judges:** TELAPROLU…; SH. CHARAN…
- **Respondents:** Srius Business…

## Timeline

- **2022-12-03 — Extraordinary General…**: Members of the Company approved and authorized the Company to make an application for…
- **2023-02-01 — Hearing…**: The matter was heard by the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 55(2) — Fast track corporation insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-55)

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