# In the matter of M/s Akshar Plastchem Investment
Private Limited Vs. Shri Bijay Murmuria & Ors. Company Appeal (AT) (Insolvency) No. 191 of 2022

> NCLAT judgment dated 2022-05-26. Citation: TCN-2022-NCLAT-00460. The case involves an appeal against an order dated 27.11.2020 passed by the National Company…

- **Court:** NCLAT
- **Order date:** 26 May 2022
- **Citation:** TCN-2022-NCLAT-00460
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclat-new-delhi/ms-akshar-plastchem-investment-private-limited-vs-shri-bijay-murmuria-ors-compan-6d2bd869

## Summary

### Background

The case involves an appeal against an order dated 27.11.2020 passed by the National Company Law Tribunal (NCLT), Guwahati Bench, which rejected I.A. No.46 of 2020 filed by the Appellant, M/s Akshar Plastchem Investment Private Limited. The Appellant, an operational creditor, had supplied goods to the Corporate Debtor, M/s. Kitply Industries Ltd., but a significant amount remained outstanding. The Corporate Debtor underwent Corporate Insolvency Resolution Process (CIRP) initiated by IDBI Bank Ltd. The Appellant contended that the public announcement of the CIRP was not properly made, as it was not published in Maharashtra where the Appellant conducted its business, thus preventing them from filing their claim before the Interim Resolution Professional (IRP). The

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## Facts

M/s Akshar Plastchem Investment Private Limited (Appellant) supplied goods (solvents, dyes, chemicals) to M/s. Kitply Industries Ltd. (Corporate Debtor) between 03.02.2010 and 28.08.2010. The total value of goods supplied was Rs.1,41,85,730, against which the Corporate Debtor paid Rs.19,99,104, leaving an outstanding amount of Rs.1,21,86,626. The Appellant initiated winding-up proceedings against the Corporate Debtor in the Gauhati High Court in 2011, which were kept in abeyance due to the Corporate Debtor's registration of reference before the Board for Industrial and Financial Reconstruction (BIFR). IDBI Bank Ltd., a Financial Creditor, filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against the Corporate Debtor, which was admitted

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## Issues and analysis

### Issue 1: Whether the public announcement made by the Interim Resolution Professional (IRP) was in compliance …

**Ratio:** The statutory requirement under Section 15 of the Code and Regulation 6(1) of the 2016

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**Reasoning:** The court reasoned that the IRP had made publications in newspapers with wide circulation

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**Interpretation:** The interpretation of Section 15 and Regulation 6(1) is that the public

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**Application:** In this case, the IRP made publications in newspapers with wide circulation at

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## Parties

- **Judges:** Ashok Bh…; Shreesha…; +1 more
- **Appellants:** M/s Akshar…
- **Respondents:** M/s. Kitply…; Bijay Mur…

## Timeline

- **2010-02-03 — Supply of…**: Appellant supplied goods to Corporate…
- **2010-08-28 — End of Supply…**: End date of the period during which the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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