# In the matter of UNIVERSAL JOURNEYS INDIA PRIVATE LIMITED

> NCLT judgment dated 2025-10-09. Citation: TCN-2025-NCLT-01454. M/S Universal Journeys India Private Limited filed an application under Section 10 of the…

- **Court:** NCLT
- **Order date:** 9 Oct 2025
- **Citation:** TCN-2025-NCLT-01454
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/universal-journeys-india-private-limited-1f5eb1a6

## Summary

### Background

M/S Universal Journeys India Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) as the Corporate Debtor itself. The company admitted to defaulting on payments to Financial and Operational Creditors.

## Facts

M/S Universal Journeys India Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Applicant admitted to defaulting on payments of Rs. 14,05,72,417/- to Financial and Operational Creditors.

The Corporate Applicant's business was affected by the Covid-19 pandemic, leading to a negative net worth.

Loans availed by the Corporate Applicant were declared as NPA by several creditors.

Kotak Mahindra Bank, a Financial Creditor, objected to the initiation of CIRP, claiming the petition was malafide.

RITCO Travels & Tours Private Limited, an Operational Creditor, also objected, alleging fraudulent inducement to provide services.

…

## Issues and analysis

### Issue 1: Whether the Corporate Applicant met the requirements for initiating CIRP under Section 10 of the …

**Ratio:** Section 10 of the IBC allows a Corporate Applicant to file an application for CIRP if

…

**Reasoning:** The Adjudicating Authority found that the Corporate Applicant had admitted to outstanding

…

**Interpretation:** The Adjudicating Authority interpreted Section 10 to mean that if the

…

**Application:** The Adjudicating Authority applied Section 10 and admitted the application,

…

## Parties

- **Judges:** MANNI SANKARIAH…; ATUL CHAT…
- **Respondents:** M/S Universal…; Kotak Mahindra…; +1 more
- **Other parties:** Ashok A…
- **Advocates:** Nimita…; Bhanu M…

## Timeline

- **2024-03-15 — Application…**: The present application…
- **2024-08-09 — Direction to Serve…**: Adjudicating Authority directed the Applicant to serve notice to all the creditors for…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/universal-journeys-india-private-limited-1f5eb1a6