# In the matter of Advance Recycling Solutions LLP

> NCLT judgment dated 2024-11-19. Citation: TCN-2024-NCLT-00202. M/s. Advance Recycling Solutions LLP filed an application under Section 10 of the Insolvency…

- **Court:** NCLT
- **Order date:** 19 Nov 2024
- **Citation:** TCN-2024-NCLT-00202
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/advance-recycling-solutions-llp-38aabfc3

## Summary

### Background

M/s. Advance Recycling Solutions LLP filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The company, incorporated on 05.07.2018, faced financial difficulties due to accumulated operational and financial debt, leading to an erosion of its net worth. The application was filed to resolve these debts and revive the company.

## Facts

M/s. Advance Recycling Solutions LLP, incorporated on 05.07.2018, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP). The company's registered office is in Delhi. The company's business involves manufacturing and trading machinery and equipment. The company faced financial difficulties due to operational and financial debts. As of 31.03.2024, the company recorded a net revenue of Rs. 7,74,67,357/- but incurred a net loss of Rs. 5,38,41,037/-. The total outstanding debt was Rs. 4,72,20,344/-. The Corporate Applicant passed a special resolution on 02.04.2024 to pursue resolution under Section 10 of the IBC. HDFC Bank, a financial creditor, was served notice but did not

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority has jurisdiction to adjudicate the application filed by a …

**Ratio:** Section 10 of the IBC allows for an application to be initiated by a 'corporate

…

**Reasoning:** The Adjudicating Authority considered the definition of 'corporate applicant' under the

…

**Interpretation:** The term 'corporate applicant' is broadly defined under the IBC to include

…

**Application:** Since M/s. Advance Recycling Solutions LLP is an LLP, it falls within the

…

## Parties

- **Judges:** BACHU VENKAT…; ATUL CHAT…
- **Respondents:** M/s. ADVANCE…

## Timeline

- **2018-07-05 — Incorporation of…**: M/s. Advance Recycling Solutions LLP was…
- **2022-05-02 — Application…**: Application under Section 10 of IBC…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 3(7) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-3)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/advance-recycling-solutions-llp-38aabfc3