# In the matter of Vidharva Trading Pvt. Ltd.

> NCLT judgment dated 2025-11-07. Citation: TCN-2025-NCLT-01752. The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor,…

- **Court:** NCLT
- **Order date:** 7 Nov 2025
- **Citation:** TCN-2025-NCLT-01752
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/vidharva-trading-pvt-ltd-1ff9da2a

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against the Corporate Debtor, M/s Vidharva Trading Pvt. Ltd., pursuant to an application filed by the Operational Creditor, M/s. Montage Enterprises Pvt Ltd. The Corporate Debtor subsequently proceeded into liquidation, with the Liquidation Commencement Date (LCD) being 30.05.2023.

## Facts

CIRP was initiated against M/s Vidharva Trading Pvt. Ltd. based on an application by M/s. Montage Enterprises Pvt Ltd.

The Corporate Debtor proceeded into liquidation with the Liquidation Commencement Date (LCD) being 30.05.2023.

The total amount of claim filed by the Creditors of the Corporate Debtor was Rs. 41,14,77,820.40/-.

The Resolution Professional admitted a claim of Rs 39,53,50,888/- and about Rs.1,61,26,932.40/- was under verification.

The Liquidator submitted different figures in the Dissolution Application regarding the amount of claim.

The value of the amount claimed in the Dissolution Application is stated as Rs.152,96,14,943.40/- and the value of the amount admitted is mentioned as Rs. 139,29,94,828.40/-.

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## Issues and analysis

### Issue 1: Whether the Liquidator has complied with Section 35(1)(l) of the Insolvency and Bankruptcy Code …

**Ratio:** Section 35(1)(l) mandates the Liquidator to proactively investigate the financial

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**Reasoning:** The Liquidator's failure to annex the Transaction Record Analysis (TRA) report and

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**Interpretation:** The Adjudicating Authority interprets Section 35(1)(l) as imposing a positive

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**Application:** The Adjudicating Authority directs the Liquidator to reassess and provide a

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## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Appellants:** Mohan Lal…
- **Respondents:** M/s Vidharva…
- **Other parties:** M/s. Montage…
- **Advocates:** Arijit P…; Prachi…; +3 more

## Timeline

- **30.05.2023 — Liquidation Commencement…**: The Corporate Debtor…
- **07.11.2025 — Order Pron…**: Order pronounced by the National…

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