# In the matter of Viaromanaa Fashions (India) Private Limited

> NCLT judgment dated 2024-12-10. Citation: TCN-2024-NCLT-00075. Viaromanaa Fashions (India) Private Limited, facing financial stress, filed a Company Petition…

- **Court:** NCLT
- **Order date:** 10 Dec 2024
- **Citation:** TCN-2024-NCLT-00075
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/viaromanaa-fashions-india-private-limited-ae355600

## Summary

### Background

Viaromanaa Fashions (India) Private Limited, facing financial stress, filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company is unable to repay its debts to creditors. The Corporate Applicant is engaged in the business of trading of leather products such as shoes, handbags and wallets. The total debt payable to the Operational creditors amounts to Rs. 26,99,90,610.25/-. The Corporate Applicant has secured various credits facilities in the form of loan payables and Trade payables, as agreed from time to time from the Operational Creditors majorly from the years ranging from 2017 to 2023.

## Facts

Viaromanaa Fashions (India) Private Limited, a company incorporated on 11.10.2011, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate CIRP due to financial distress. The company's registered office is located in Mumbai. The company trades in leather products. The company has been incurring losses and is unable to pay its creditors. The total debt payable to Operational Creditors is Rs. 26,99,90,610.25/-, comprising loan payables of Rs. 25,74,22,978.04/- and trade payables of Rs. 1,25,67,632.21/-. The debts fell due on various occasions, and the company's revenue from operations was NIL as of 31.03.2024. The Board of Directors passed resolutions on 13.03.2024 and 28.03.2024 to initiate CIRP. The company authorized Mr.

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## Issues and analysis

### Issue 1: Whether the application made by the Corporate Applicant is complete in all respects as required by …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the

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**Reasoning:** The Bench reviewed the application and supporting documents and found them to be complete

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**Interpretation:** The completeness of the application is a prerequisite for its admission,

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**Application:** The application was found to be complete, satisfying the legal requirements for

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## Parties

- **Judges:** V.G. B…; Shri. Prabhat…
- **Respondents:** Viaromanaa…

## Timeline

- **2011-10-11 — Incorporation o…**: Viaromanaa Fashions (India)…
- **2017-04-01 — Bank Statement…**: Period for which bank statements of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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