# In the matter of Anand Agro Chem India Limited

> NCLT judgment dated 2023-07-14. Citation: TCN-2023-NCLT-05312. The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by the…

- **Court:** NCLT
- **Order date:** 14 Jul 2023
- **Citation:** TCN-2023-NCLT-05312
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-allahabad/anand-agro-chem-india-limited-5e62fcf3

## Summary

### Background

The application was filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 by the Applicants/Financial Creditor against the Corporate Debtor.

## Facts

Financial Creditor No.1 entered into an Inter-Corporate Deposit Agreement dated 28th March, 2018 with the Corporate Debtor.

Financial Creditor No.2 entered into an ICD Agreement dated 31st March, 2018 with the Corporate Debtor.

The Financial Creditors disbursed interest-free ICDs in the cumulative sum of Rs.22 crore to the Corporate Debtor.

The terms of the ICDs were 24 months each and became repayable on 27th March, 2020 and 30th March, 2020 respectively.

The Financial Creditors addressed multiple separate letters to the Corporate Debtor seeking repayment of Rs. 11 crore each.

The Corporate Debtor filed a reply contending that the date of defaults are 27th March, 2020 and 30th March, 2020, and therefore, the present petition is barred under Section 10A of the Code.

## Issues and analysis

### Issue 1: Whether the application under Section 7 of the Insolvency and Bankruptcy Code is barred by Section …

**Ratio:** Section 10A of the Insolvency and Bankruptcy Code bars the filing of applications for

…

**Reasoning:** The Tribunal relied on the decision of the Hon'ble Supreme Court in Ramesh Kymal vs. M/S.

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**Interpretation:** The Tribunal interpreted Section 10A and its proviso to mean that no

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**Application:** Since the dates of default (27th March, 2020 and 30th March, 2020) fell within

…

## Parties

- **Judges:** Praveen…; Ashish…
- **Appellants:** Wheelabrator…; Financial C…
- **Respondents:** Agrochem India…
- **Other parties:** Financial…; Financial…
- **Advocates:** Sh. Sushant…; Sh. Rahul A…

## Timeline

- **2018-03-28 — Inter-Corporate Deposit…**: Financial Creditor No.1 entered into an Inter-Corporate Deposit Agreement with the…
- **2018-03-31 — ICD Agre…**: Financial Creditor No.2 entered into an ICD…

## 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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