# In the matter of Asis Logistics Limited C.P. No. (IB) 148-10-NCLT-AHM-2017

> NCLT judgment dated 2018-01-11. Citation: TCN-2018-NCLT-01942. Asis Logistics Limited, through its Authorized Representative Mr. Vilas Ganpat Naringrekar,…

- **Court:** NCLT
- **Order date:** 11 Jan 2018
- **Citation:** TCN-2018-NCLT-01942
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/asis-logistics-limited-cp-no-ib-148-10-nclt-ahm-2017-c04631f8

## Summary

### Background

Asis Logistics Limited, through its Authorized Representative Mr. Vilas Ganpat Naringrekar, filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The Board of Directors of Asis Logistics Limited had resolved to authorize Mr. Naringrekar to file this petition before NCLT. The company is registered under the Companies Act and has a paid-up share capital of Rs. 61,02,50,000.

## Facts

Asis Logistics Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's Board of Directors authorized Mr. Vilas Ganpat Naringrekar to file the petition. Asis Logistics Limited is registered under the Companies Act with a paid-up share capital of Rs. 61,02,50,000. The company listed several secured creditors, including Dena Bank (Rs. 200,000,000.00), SBI (Rs. 292,484,604.13), Janakalyan Sahakari Bank (Rs. 67,726,918.08), and ICICI Bank Ltd (Rs. 34,473,480.70). The total liability to secured creditors as of September 30, 2017, was Rs. 59,47,27,224.70. The company also had an unsecured creditor, Mr. Mukesh Bansal, with an accepted liability of Rs. 9,64,052.53. There

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## Issues and analysis

### Issue 1: Whether the petition filed by Asis Logistics Limited under Section 10 of the Insolvency and …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the

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**Reasoning:** The Adjudicating Authority perused the petition and found it complete in all respects. It

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**Interpretation:** The completeness of the petition is a prerequisite for its admissibility. The

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**Application:** The petition filed by Asis Logistics Limited was found to be complete, and the

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## Parties

- **Judges:** BIKKI RAVEENDRA…; Manorama…
- **Respondents:** Asis Logistics…; Assistant General…

## Timeline

- **2017-10-06 — Board Reso…**: The Board of Directors of M/s. Asis Logistics Limited resolved to authorize Mr. Vilas…
- **2017-09-30 — Total Lia…**: Total Liability of the Secured Creditors as on…

## 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)

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