# In the matter of Teltroy Vinimay Traders Private Limited CP (IB) No. 325-KB-2021

> NCLT judgment dated 2022-04-27. Citation: TCN-2022-NCLT-03038. The case pertains to an application for initiating the Corporate Insolvency Resolution Process…

- **Court:** NCLT
- **Order date:** 27 Apr 2022
- **Citation:** TCN-2022-NCLT-03038
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/teltroy-vinimay-traders-private-limited-cp-ib-no-325-kb-2021-52632615

## Summary

### Background

The case pertains to an application for initiating the Corporate Insolvency Resolution Process (CIRP) under Section 10 of the Insolvency and Bankruptcy Code, 2016, filed by Teltroy Vinimay Traders Private Limited. The corporate applicant sought to initiate CIRP against itself due to its inability to carry out operations after the financial year 2021 and a lack of resources to pay off liabilities. The application was supported by a board resolution and consent from the members of the corporate applicant.

## Facts

Teltroy Vinimay Traders Private Limited, incorporated on April 10, 2012, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against itself. The company's director, Mr. Ravindra Singh Chouhan, authorized the application via a Board Resolution dated August 24, 2021. The company ceased operations after the financial year 2020-2021 due to a lack of resources and an inability to pay its liabilities. As of the application date, the company owed Rs. 11,01,43,030 to its operational creditors, namely Everlasting Vyapaar Pvt. Ltd., Mangalnayak Shoppers Pvt. Ltd., and Raftech Multitraders Pvt. Ltd. The company's members consented to the application through a special resolution passed on September 21, 2021. The company submitted

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## Issues and analysis

### Issue 1: Whether the application filed by Teltroy Vinimay Traders Private Limited under Section 10 of the …

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

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**Reasoning:** The Adjudicating Authority examined the application and the supporting documents,

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

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**Application:** The Adjudicating Authority determined that the application filed by Teltroy

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Respondents:** Teltroy Vinimay…

## Timeline

- **2012-04-10 — Incorpor…**: Teltroy Vinimay Traders…
- **2021-08-24 — Board Reso…**: Board Resolution passed authorizing the…

## 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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