# In the matter of Asis Corporate Advisors Limited

> NCLT judgment dated 2025-09-09. Citation: TCN-2025-NCLT-01344. Asis Corporate Advisors Limited filed a Company Petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 9 Sept 2025
- **Citation:** TCN-2025-NCLT-01344
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/asis-corporate-advisors-limited-58775b8f

## Summary

### Background

Asis Corporate Advisors Limited filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own Corporate Insolvency Resolution Process (CIRP) due to financial stress and inability to repay debts.

## Facts

Asis Corporate Advisors Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Applicant's authorized capital is Rs. 5,00,00,000/- and paid-up capital is Rs. 2,61,20,000/-.

The amount in default and the total debt raised is Rs. 116,11,26,634.56/- as on 25.10.2024 and Rs. 20,00,00,000/- respectively.

The Corporate Applicant passed a resolution on 25 March 2025 to file the application for CIRP.

The Corporate Applicant invested Rs. 43,15,36,230/- in group companies that have undergone CIRP.

The Corporate Applicant has negative net worth and no means to discharge liabilities.

Mr. Devendra Jain is proposed as the Interim Resolution Professional (IRP).

## Issues and analysis

### Issue 1: Whether the application made by the Corporate Applicant is complete in all respects as required by …

**Ratio:** The Bench is of the view that the application made by the Corporate Applicant is complete

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**Reasoning:** Upon perusing the supporting documents annexed with the Petition, the application was

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**Interpretation:** The Adjudicating Authority interpreted the completeness requirement of the

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**Application:** The application was deemed complete

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Respondents:** Asis Corporate…
- **Other parties:** Rakeshkumar…; Mukesh Hariram…; +4 more
- **Advocates:** Nausher…; Adity…

## Timeline

- **2025-03-25 — Board Reso…**: The Corporate Applicant passed a resolution in the board of directors meeting to file the…
- **2025-09-09 — Order Del…**: The Adjudicating Authority admitted the petition and ordered the initiation of CIRP…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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