In re Universal Journeys India Private Limited (NCLT Delhi)
NCLT Delhi held that application under section 10 of the Insolvency and Bankruptcy Code for initiation of CIRP against M/s. Universal Journeys India Private Limited [Corporate Debtor] is admitted since existence of operational debt and default duly established.
Facts- The present application is filed by M/s Universal Journeys India Private Limited (Corporate Applicant) under Section 10 of the Insolvency and Bankruptcy Code, 2016 with a prayer to initiate the Corporate Insolvency Resolution Process as the Corporate Debtor being the Corporate Applicant itself, has committed the default in paying the debt of Rs. 14,05,72,417/- owed to the Financial Creditors and Operational Creditors.
Conclusion- Held that the existence of debt and default is established and no winding up proceedings are pending against the Corporate Applicant and Corporate Applicant is not covered by the ineligibilities provided under Section 11 of the Code, 2016. We are satisfied that the Corporate Applicant is entitled to move an application under Section 10 of the Code in view of the admitted outstanding financial debt as well as operational debt and default of the same by the Corporate Applicant. As a sequel of the above discussion and in terms of Section 10(4) of the Code, 2016, we hereby admit the instant Petition (C.P.(IB)/147/(ND)/2024) in terms of Section 10 of the Code and CIRP is initiated against M/s. Universal Journeys India Private Limited.
