# In the matter of VEERTAM COMTRADE PRIVATE LIMITED

> NCLT judgment dated 2025-05-14. Citation: TCN-2025-NCLT-00072. The case pertains to an application filed by M/s Veertam Comtrade Private Limited under Section…

- **Court:** NCLT
- **Order date:** 14 May 2025
- **Citation:** TCN-2025-NCLT-00072
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/veertam-comtrade-private-limited-5847761a

## Summary

### Background

The case pertains to an application filed by M/s Veertam Comtrade Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP) as the Corporate Debtor itself. The Corporate Applicant has committed default in paying the debt, which is a financial debt of Rs. 11,50,00,000/- owed to 2 Financial Creditors. The Corporate Applicant is a private limited company incorporated on 16.05.2011 under the provisions of the Companies Act, 2013.

## Facts

M/s Veertam Comtrade Private Limited, the 'Corporate Applicant', filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company defaulted on a financial debt of Rs. 11,50,00,000/- owed to two financial creditors: Komaf Financial Services Private Limited (Rs. 3,00,00,000/-) and Infina Finance Private Limited (Rs. 8,50,00,000/-). A board resolution dated 14.12.2022 authorized the filing of the application. The total debt raised was Rs. 17.50 crores. The Corporate Applicant proposed Mr. Chetan T. Shah as the IRP. The financial creditors submitted their no objection to the matter. The applicant filed a compliance affidavit stating that it is not regulated or registered with any

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Applicant under Section 10 of the Insolvency and …

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

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**Reasoning:** The court considered the documents submitted by the Corporate Applicant, including the

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**Interpretation:** Section 10 of the IBC provides an avenue for corporate debtors facing financial

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**Application:** The court applied Section 10 of the IBC to the facts of the case and found that

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Respondents:** M/s. Veertam…

## Timeline

- **2011-05-16 — Incorporation of…**: The Corporate Applicant, Veertam Comtrade Private Limited, was incorporated under the…
- **2022-12-14 — Board Reso…**: The board of directors of the Corporate Applicant resolved to file an application under…

## 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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