# In the matter of Ambition Indo Steel LLP

> NCLT judgment dated 2024-09-23. Citation: TCN-2024-NCLT-00575. The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 23 Sept 2024
- **Citation:** TCN-2024-NCLT-00575
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/ambition-indo-steel-llp-fbf36a55

## Summary

### Background

The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, by M/s Ambition Indo Steel LLP, the Corporate Debtor, for initiation of the Corporate Insolvency Resolution Process (CIRP). The application was filed through its partner, Mr. Rohit Kasliwal, authorized by a Board Resolution dated 17.11.2022. The Corporate Debtor, incorporated on 01.09.2015, faced financial difficulties due to business cycles and steel price surges, leading to defaults in repayment obligations to financial and operational creditors.

## Facts

M/s Ambition Indo Steel LLP, the Corporate Debtor, filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiating CIRP. The application was filed due to the company's inability to meet its repayment obligations to financial and operational creditors, attributed to business cycles and surges in steel prices. The company's fixed capital is Rs. 10,00,000/-, and its main object is manufacturing basic metals. The application was supported by a Board Resolution dated 17.11.2022. The company defaulted on payments to multiple financial creditors, including Canara Bank, ICICI Bank Limited, Axis Bank, Axis Finance Ltd., YES Bank, Bajaj Finserv Ltd., Aditya Birla Finance Ltd., Edelweiss Financial Services, Fedbank Financial Services Ltd., Hero

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## Issues and analysis

### Issue 1: Whether the application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** Section 10(4)(a) of the Code mandates the Adjudicating Authority to admit the Application

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**Reasoning:** The court reviewed the application and found that it complied with the requirements of

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**Interpretation:** The completeness of the application is a prerequisite for its admission under

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**Application:** The court determined that the application was complete based on the documents

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## Parties

- **Judges:** Deep Chandr…; RAJEEV ME…
- **Respondents:** M/S AMBITION INDO…; Kotak Mahindra…

## Timeline

- **2022-11-17 — Board Reso…**: Board Resolution passed by the partners of…
- **2015-09-01 — Incorporation…**: M/s Ambition Indo Steel LLP incorporated under the provisions of the Limited Liability…

## 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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