# In the matter of Oasis Agro Infra Ltd. CP (IB) No. 60-Chd-Pb-2017

> NCLT judgment dated 2017-09-22. Citation: TCN-2017-NCLT-00375. Oasis Agroinfra Limited, the Corporate Debtor, filed an application under Section 10 of the…

- **Court:** NCLT
- **Order date:** 22 Sept 2017
- **Citation:** TCN-2017-NCLT-00375
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/oasis-agro-infra-ltd-cp-ib-no-60-chd-pb-2017-d2040ca5

## Summary

### Background

Oasis Agroinfra Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the corporate insolvency resolution process. The company's registered office is located in Bathinda, Punjab. The company was incorporated on 19.10.2010. The authorized share capital is ₹5 crores, and the issued and paid-up share capital is ₹4,79,90,250. The petition was filed through Mr. Keshav Kumar Bansal, a Director of the company. The company has defaulted on payments to Punjab National Bank, the financial creditor, leading to a demand notice issued by the bank. The total outstanding debt is ₹24,24,40,235.30, including amounts owed to financial and operational creditors.

## Facts

Oasis Agroinfra Limited, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate the corporate insolvency resolution process. The company's registered office is in Bathinda, Punjab, and it was incorporated on 19.10.2010. The authorized share capital is ₹5 crores, while the issued and paid-up share capital is ₹4,79,90,250. The petition was filed through Mr. Keshav Kumar Bansal, a Director of the company. The company has defaulted on payments to Punjab National Bank, the financial creditor, leading to a demand notice dated 20.07.2016. The outstanding amount to Punjab National Bank is ₹18,28,06,681.30 as of 30.06.2016. The total outstanding debt is ₹24,24,40,235.30, including amounts owed to financial and

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## Issues and analysis

### Issue 1: Whether the application filed by the Corporate Debtor under Section 10 of the Insolvency and …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016 allows a corporate debtor to file

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**Reasoning:** The Adjudicating Authority found that the application filed by the Corporate Debtor was

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**Interpretation:** Section 10 provides a mechanism for corporate debtors facing financial distress

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**Application:** In this case, the Adjudicating Authority determined that the application filed

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## Parties

- **Judges:** R.P.Nag…
- **Respondents:** Oasis Agroinfra…

## Timeline

- **2010-10-19 — Incorporation o…**: Oasis Agroinfra Limited…
- **2016-07-20 — Demand N…**: Punjab National Bank issued a demand…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(5) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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