In re Influx Agrotech Private Limited (NCLT Mumbai)
NCLT Mumbai Admits Section 10 CIRP Application
Influx Agrotech Private Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016 seeking initiation of its own Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant, incorporated on 02.03.2010, stated that it was unable to service its debt obligations as they became due. The total financial debt and amount claimed to be in default was ₹2,55,31,541.
Continuous Defaults and Financial Distress
The Corporate Applicant submitted that it had faced continuous financial difficulties and had first defaulted on VAT and CST dues in March 2014. It subsequently obtained loans from Tata Capital Housing Finance Limited in January 2016, Urban Landscape Private Limited in December 2016 and Tanuja Chamkire in April 2022. Despite financial assistance, it continued to default on statutory dues, including VAT, CST and Income Tax, between 2018 and 2022, as well as dues payable to Krishna Agri Sciences and TP Exports.
The Applicant stated that these continuing defaults demonstrated its inability to meet financial obligations and constituted default under the IBC.
Compliance With Section 10 CIRP Requirements
The shareholders passed a Special Resolution at the Extraordinary General Meeting on 27.06.2025 approving initiation of CIRP under Section 10 and authorising Mr. Rakesh Dilip Khire to institute the application. The petition was filed in Form-6 under Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016.
