# In the matter of Vinay Rai

> NCLT judgment dated 2023-12-06. Citation: TCN-2023-NCLT-00399. The application has been filed by the Resolution Professional under Section 94(1) of IBC, 2016,…

- **Court:** NCLT
- **Order date:** 6 Dec 2023
- **Citation:** TCN-2023-NCLT-00399
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/vinay-rai-73186236

## Summary

### Background

The application has been filed by the Resolution Professional under Section 94(1) of IBC, 2016, seeking initiation of Insolvency Process for default of an amount of Rs. 10,37,60,20,993/- along with interest @ 10% p.a. with effect from 15.07.2022.

## Facts

The Resolution Professional filed an application under Section 94(1) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking the initiation of the insolvency process due to a default of Rs. 10,37,60,20,993/- along with interest at 10% per annum, effective from 15.07.2022. The applicant proposed Mr. Prabhat Ranjan Singh as the Resolution Professional. The court appointed Mr. Prabhat Ranjan Singh as the Resolution Professional and directed him to submit a report under Section 99 of the IBC. The applicant was also directed to file a fresh AFA within two weeks. The matter was listed for further hearing on 09.01.2024.

## Issues and analysis

### Issue 1: Whether the application filed by the Resolution Professional under Section 94(1) of the IBC, 2016, …

**Ratio:** Section 94(1) of the IBC, 2016 allows a resolution professional to file an application

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**Reasoning:** The court considered the application filed by the Resolution Professional and found that

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**Interpretation:** Section 94(1) of the IBC, 2016 provides a mechanism for initiating the

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**Application:** The court applied Section 94(1) of the IBC, 2016 to the facts of the case and

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## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Appellants:** M/s. Vinay Rai…

## Timeline

- **2022-07-15 — Effective Date for…**: Interest on the defaulted amount…
- **2023-12-06 — Order Del…**: The order was delivered…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 94(1) — Application by debtor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-94)

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