# In the matter of Ranisagar Cement Company Ltd. Company Petition No. (IB)- 56-10-JPR-2021

> NCLT judgment dated 2022-06-23. Citation: TCN-2022-NCLT-04643. M/s Ranisagar Cement Company Ltd. filed an application under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 23 Jun 2022
- **Citation:** TCN-2022-NCLT-04643
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-jaipur/ranisagar-cement-company-ltd-company-petition-no-ib-56-10-jpr-2021-03ed545f

## Summary

### Background

M/s Ranisagar Cement Company Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, for initiation of Corporate Insolvency Resolution Process (CIRP). The company itself is the Corporate Debtor and the Applicant.

## Facts

M/s Ranisagar Cement Company Ltd. filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The company was incorporated on 13.09.1991 under the Companies Act, 1956.

The company took a secured loan of Rs. 140 lakhs from State Bank of India erstwhile State Bank of Hyderabad.

The company's expansion project could not be implemented, leading to a halt in operations.

The company was declared a non-performing asset in 2002 by the State Bank of Hyderabad.

The Bank filed a suit for recovery with the Debt Recovery Tribunal (DRT), Jaipur.

The DRT auctioned the company's assets in 2007-08 for Rs. 136 lakhs.

The Corporate Applicant has written off outstanding liabilities in Financial Year 2020-21.

…

## Issues and analysis

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

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

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**Reasoning:** The Adjudicating Authority was satisfied that the application was complete and the

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**Interpretation:** The language of the Code is clear and explicit, and the Adjudicating Authority

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**Application:** The application was admitted under

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## Parties

- **Judges:** Deep Chandr…; RaghuNa…
- **Respondents:** Ranisagar Cement…
- **Other parties:** Dinesh Kumar…; Garima Di…
- **Advocates:** Nivedita R.…

## Timeline

- **1991-09-13 — Incorpor…**: The company was incorporated on…
- **2002 — NPA Decla…**: The company was declared a non-performing asset in the year 2002 by the State Bank of…

## 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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