# In the matter of Jatinder Oberoi vs. Narendra Singh Chhabra

> NCLAT judgment dated 2025-12-17. Citation: TCN-2025-NCLAT-00603. The appeal arises from an order dated 20.02.2024 passed by the National Company Law Tribunal…

- **Court:** NCLAT
- **Order date:** 17 Dec 2025
- **Citation:** TCN-2025-NCLAT-00603
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/jatinder-oberoi-vs-narendra-singh-chhabra-c50de19e

## Summary

### Background

The appeal arises from an order dated 20.02.2024 passed by the National Company Law Tribunal (NCLT), Chandigarh, admitting a Section 9 petition filed by Napin Impex Ltd. against Kirtiman Cements and Packaging Industries Limited, initiating CIRP.

## Facts

Napin Impex Ltd. filed a Section 9 petition against Kirtiman Cements and Packaging Industries Limited, seeking initiation of CIRP.

The NCLT, Chandigarh, admitted the petition on 20.02.2024.

Jatinder Oberoi, the suspended director of Kirtiman Cements, filed an appeal against the admission order.

Napin Impex Ltd. acted as a Del Credere Agent for ONGC Petro Additions Ltd. (OPAL).

Kirtiman Cements purchased polymer raw materials from OPAL through Napin Impex Ltd.

Kirtiman Cements defaulted on payments to Napin Impex Ltd.

The Del Credere Agency Agreement placed financial responsibility on Napin Impex Ltd. for buyer defaults.

The Corporate Debtor requested OPAL to register it as a customer through Napin Impex Ltd.

…

## Issues and analysis

### Issue 1: Whether Napin Impex Ltd., as a Del Credere Agent, qualifies as an Operational Creditor under …

**Ratio:** Section 5(20) of the IBC defines an Operational Creditor as a person to whom an

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**Reasoning:** The Tribunal reasoned that the Del Credere Agency Agreement placed financial

…

**Interpretation:** The Tribunal interpreted Section 5(20) of the IBC to include Del Credere Agents

…

**Application:** The Tribunal applied this interpretation to the facts of the case, finding that

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## Parties

- **Judges:** Yogesh K…; Indevar P…
- **Appellants:** Jatinder…
- **Respondents:** Kirtiman Cements…; Narendra Singh…; +1 more
- **Other parties:** State Bank of…; Oxyzo Financial…; +2 more
- **Advocates:** Aalok J…; Nipun G…; +7 more

## Timeline

- **2024-02-20 — NCLT Ord…**: NCLT, Chandigarh, admitted the Section 9 petition filed by Napin Impex Ltd., initiating…
- **2024-03-15 — Tribunal…**: An order was passed directing the Appellant…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 5(20) — Definitions](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-5)

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