# In the matter of Ricoh India Limited C.P. (IB)-156-MB-2018

> NCLT judgment dated 2018-05-14. Citation: TCN-2018-NCLT-01417. Ricoh India Limited filed an application under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 14 May 2018
- **Citation:** TCN-2018-NCLT-01417
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/ricoh-india-limited-cp-ib-156-mb-2018-5ebb7b17

## Summary

### Background

Ricoh India Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against itself. The company acknowledged its inability to pay its debts, including those owed to financial and operational creditors. The application was filed after the company approached the Securities & Exchange Board of India (SEBI) regarding irregularities committed by key managerial personnel and directors. A previous petition filed against Ricoh India Limited under Section 9 of the IBC was dismissed.

## Facts

Ricoh India Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against itself. The company admitted to being unable to pay its debts. As of 18.01.2018, the company's financial statement showed a net loss of INR 604 crores. The company owes significant amounts to financial creditors, including Bank of India (INR 4,95,06,606), Corporation Bank (INR 48,23,64,682), ICICI Bank Limited (INR 1,65,34,194), Kotak Mahindra Bank (INR 25,61,65,454), Deutsche Bank (INR 136,66,71,090), Ricoh Company Limited (INR 1308,71,06,215.54), Ricoh Asia Pacific Pte Limited (INR 200,00,00,000), and Connect Residuary Pvt. Ltd. (INR 6,18,72,863). The company also owes money to operational creditors, totaling INR 559,74,88,391. The company

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## Issues and analysis

### Issue 1: Whether the petition filed by Ricoh India Limited under Section 10 of the Insolvency and Bankruptcy …

**Ratio:** A petition under Section 10 of the IBC can be admitted if the corporate debtor is unable

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**Reasoning:** The court found that Ricoh India Limited was indebted to both financial and operational

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**Interpretation:** Section 10 of the IBC allows a corporate debtor to initiate CIRP against itself

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**Application:** The court applied the ratio to the facts of the case and found that Ricoh India

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## Parties

- **Judges:** M.K. Sh…
- **Respondents:** Ricoh India…

## Timeline

- **2018-01-29 — Filing of Fo…**: The Petitioner submitted Form No.6 under Section 10 of Insolvency Code to be read with…
- **2018-03-20 — Hearing…**: The matter was heard on…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 11 — Persons not entitled to make application](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-11)

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