# In the matter of Aditya Polymers and Chemicals (India) Pvt. Ltd. C.P.(IB)145-(MB)-2019

> NCLT judgment dated 2019-09-05. Citation: TCN-2019-NCLT-01557. The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 5 Sept 2019
- **Citation:** TCN-2019-NCLT-01557
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aditya-polymers-and-chemicals-india-pvt-ltd-cpib145-mb-2019-d2d55b7c

## Summary

### Background

The case pertains to an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, filed before the National Company Law Tribunal (NCLT), Mumbai Bench. The applicant is Corporation Bank, and the respondent is Aditya Polymers & Chemicals (India) Pvt Ltd.

## Facts

Corporation Bank filed an application under Section 7 of the Insolvency and Bankruptcy Code, 2016, against Aditya Polymers & Chemicals (India) Pvt Ltd before the NCLT Mumbai Bench. The NCLT heard the arguments of the counsel for both parties. The petition was admitted, and Ms. Purnima Dhiraj Shetty was appointed as the Interim Resolution Professional (IRP). The detailed judgment is to be issued later.

## Issues and analysis

### Issue 1: Whether the application filed by Corporation Bank under Section 7 of the Insolvency and Bankruptcy …

**Ratio:** Section 7 of the Insolvency and Bankruptcy Code, 2016, allows a financial creditor to

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**Reasoning:** The NCLT admitted the petition after hearing the arguments of the counsel, implying that

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**Interpretation:** Section 7 provides the mechanism for financial creditors to trigger the

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**Application:** The NCLT applied Section 7 to the facts presented by Corporation Bank and

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## Parties

- **Judges:** V. P. S…; RAJESH S…
- **Appellants:** Corporatio…
- **Respondents:** Aditya Polymers &…

## Timeline

- **2019-09-05 — Hearing…**: Hearing of Mumbai Bench of the…
- **2019-09-05 — Petition Ad…**: The petition filed by…

## 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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