# In the matter of Srivenkateshwar Tradex Private Limited

> NCLT judgment dated 2024-03-22. Citation: TCN-2024-NCLT-01962. The Corporate Applicant, M/s Srivenkateshwar Tradex Private Limited, filed a petition under…

- **Court:** NCLT
- **Order date:** 22 Mar 2024
- **Citation:** TCN-2024-NCLT-01962
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/srivenkateshwar-tradex-private-limited-995f0d6b

## Summary

### Background

The Corporate Applicant, M/s Srivenkateshwar Tradex Private Limited, filed a petition under Section 10 of the IBC, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself due to its inability to pay its debts to financial and operational creditors.

## Facts

M/s Srivenkateshwar Tradex Private Limited, the Corporate Applicant/Corporate Debtor, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC, 2016), read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) against itself. The company was incorporated on November 3, 2010, and has its registered office in Shalimar Bagh, New Delhi. Its authorized share capital is Rs. 5,00,00,000, and its paid-up share capital is Rs. 3,27,00,000. The Corporate Applicant stated that due to the lockdown during the financial year 2020-2021 and subsequent years, it experienced a significant fall in demand and generated no income from business. This

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## Issues and analysis

### Issue 1: Whether there is a debt and …

**Ratio:** The NCLT found that the unpaid debt subsisted above Rs. 01 Crore and the default was

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**Reasoning:** The Corporate Applicant placed on record the Ledger Account of the Operational Creditors,

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**Interpretation:** The court interpreted the submitted documents as sufficient proof of debt and

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**Application:** Based on the ledger accounts, demand notices, and balance sheets, the NCLT

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## Parties

- **Judges:** Sh. Ashok Kumar…; SUBRATA KUM…
- **Respondents:** M/s Srivenkateshwa…
- **Advocates:** Pulkit Deora,…

## Timeline

- **November 3, 2010 — Incorporation of…**: M/s Srivenkateshwar Tradex…
- **2012 — Long-term borrowing…**: The Corporate Applicant entered into a long-term borrowing arrangement with M/s Emmsons…

## 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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