# In the matter of Vijay Ram Traders Private Limited

> NCLT judgment dated 2024-12-09. Citation: TCN-2024-NCLT-00083. The case pertains to an application filed by Vijay Ram Traders Private Limited under Section 10…

- **Court:** NCLT
- **Order date:** 9 Dec 2024
- **Citation:** TCN-2024-NCLT-00083
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vijay-ram-traders-private-limited-9ef07a55

## Summary

### Background

The case pertains to an application filed by Vijay Ram Traders Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed due to the company's inability to meet its financial obligations to its creditors. The company is a private limited company incorporated on 23.12.2011. The application was considered by the National Company Law Tribunal (NCLT), Division Bench – I, Chennai.

## Facts

Vijay Ram Traders Private Limited, the Corporate Applicant, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). The company was incorporated on 23.12.2011. The Corporate Applicant defaulted in meeting its financial obligations to its Financial Creditors and Operational Creditors. The total amount of default with respect to Financial Creditors is Rs. 26,99,01,544/-. The Corporate Applicant submitted documents including a memorandum of agreement with Raam Chandra Traders Pvt Ltd dated 31.03.2019, audited financial statements for the years ended 31.03.2022 and 31.03.2023, and a financial statement for the period from 01.04.2023 to 15.12.2023. The Corporate Applicant also filed

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## Issues and analysis

### Issue 1: Whether the application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, is …

**Ratio:** Section 10 of the IBC, 2016, allows a corporate debtor to file an application for

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**Reasoning:** The Tribunal considered the documents submitted by the Corporate Applicant and found that

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**Interpretation:** Section 10 of the IBC, 2016, provides a mechanism for corporate debtors to

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**Application:** In this case, the Tribunal found that the application filed by Vijay Ram

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Respondents:** Vijay Ram Traders…

## Timeline

- **2011-12-23 — Incorporation of…**: Vijay Ram Traders Private…
- **2019-03-31 — Memorandum of…**: Memorandum of agreement made between the Corporate Applicant and Raam Chandra Traders Pvt…

## 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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