# In the matter of Ramana Sri Logistics Private Limited CP (IB) No. 174-10-AMR-2019

> NCLT judgment dated 2019-11-15. Citation: TCN-2019-NCLT-00586. The case pertains to a petition filed under Section 10 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 15 Nov 2019
- **Citation:** TCN-2019-NCLT-00586
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ramana-sri-logistics-private-limited-cp-ib-no-174-10-amr-2019-e0fcd1b6

## Summary

### Background

The case pertains to a petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by M/s Ramana Sri Logistics Private Limited, seeking to initiate Corporate Insolvency Resolution Process (CIRP) for itself due to its default in payment of a financial debt. The company, incorporated on 18.03.2009, availed a cash credit facility of Rs. 50 Lakhs from Bank of India, Tirupathi Branch, and defaulted in repayment starting March 2017.

## Facts

M/s Ramana Sri Logistics Private Limited (the Petitioner/Corporate Debtor) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) for itself. The company was incorporated on 18.03.2009 to carry on the business of public carriers, transporters, and carriers of goods. To facilitate its operations, the company availed a cash credit facility of Rs. 50 Lakhs from Bank of India, Tirupathi Branch (the Respondent). The company defaulted in repayment of the credit facility starting as early as March 2017. The Respondent bank argued that the Petitioner approached the authority to avoid action under the Securitisation and Reconstruction of Financial Assets and Enforcement of Securities

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## Issues and analysis

### Issue 1: Whether the conditions under Section 10 of the Insolvency and Bankruptcy Code, 2016, have been …

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

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**Reasoning:** The court reasoned that the Petitioner (Corporate Debtor) admitted to the default in

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**Interpretation:** Section 10 is interpreted to mean that if a corporate debtor admits to a

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**Application:** The court applied the ratio to the facts by noting that the Corporate Debtor

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## Parties

- **Judges:** MOHAMMED…
- **Respondents:** Ramana Sri…; Bank of…
- **Advocates:** V. Ravi…; V. K. S…; +2 more

## Timeline

- **2009-03-18 — Company Incor…**: M/s Ramana Sri Logistics…
- **N/A — Cash Credit F…**: The company availed a cash credit facility of Rs. 50 Lakhs from Bank of India, Tirupathi…

## 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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