# In the matter of Tanishka Agro Ventures Private Limited CP (IB) No. 129-Chd-HP-2018

> NCLT judgment dated 2018-09-13. Citation: TCN-2018-NCLT-00763. The case pertains to an application filed by M/s Tanishka Agro Ventures Private Limited under…

- **Court:** NCLT
- **Order date:** 13 Sept 2018
- **Citation:** TCN-2018-NCLT-00763
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/tanishka-agro-ventures-private-limited-cp-ib-no-129-chd-hp-2018-93f3de64

## Summary

### Background

The case pertains to an application filed by M/s Tanishka Agro Ventures Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant, incorporated on 20.11.2013, faced financial difficulties, including a restructuring proposal declined by lenders. The application was supported by a board resolution and affidavit from the director, Mr. Tushar Sharma. The company's financial status revealed a loss of net worth and default in debt repayment to State Bank of India and HDB Financial Services.

## Facts

M/s Tanishka Agro Ventures Private Limited, incorporated on 20.11.2013, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP). The company's registered office is in Una, Himachal Pradesh. The authorized share capital is ₹75,00,000, and the paid-up capital is ₹1,00,000. The company's main business includes cold storage and related activities. State Bank of India is a financial creditor. The company defaulted on loan repayments to State Bank of India and HDB Financial Services. The company's restructuring proposal was declined by lenders. The application was supported by a board resolution dated 14.04.2018 and an affidavit from the director, Mr. Tushar Sharma. The company's financial

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## Issues and analysis

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

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for a

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**Reasoning:** The court examined the application and found that the defects pointed out on various

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**Interpretation:** Section 10 requires the application to be complete in all respects, meaning

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**Application:** The court found that the Corporate Applicant had rectified the defects in the

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## Parties

- **Judges:** R.P.Nag…; Pradeep R.…
- **Respondents:** M/s Tanishka Agro…

## Timeline

- **2013-11-20 — Incorporation of…**: M/s Tanishka Agro Ventures…
- **2018-04-14 — Board Reso…**: Board Resolution passed authorizing the filing of the petition under Section 10 of the…

## 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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