# In the matter of Intec Capital Ltd Vs. Sheo Kumar Singh, IB-677(ND)/2021

> NCLT judgment dated 2021-11-18. Citation: TCN-2021-NCLT-00452. This is a new petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016,…

- **Court:** NCLT
- **Order date:** 18 Nov 2021
- **Citation:** TCN-2021-NCLT-00452
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/intec-capital-ltd-vs-sheo-kumar-singh-ib-677-063179c0

## Summary

### Background

This is a new petition filed under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking initiation of the Insolvency Resolution Process against the Personal Guarantor to the Corporate Debtor, Newgen Speciality Plastics Limited. The court heard the counsel for the Financial Creditor and perused the application.

## Facts

M/s. Intec Capital Ltd filed a petition under Section 95(1) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of the Insolvency Resolution Process against Shri Sheo Kumar Singh, the Personal Guarantor to the Corporate Debtor, Newgen Speciality Plastics Limited. The court found that the prima facie requirements of Section 95 of the Code were met. Mr. Anil Tayal was appointed as the Resolution Professional to enquire into the matter. An interim moratorium was imposed, as per Section 96 of the Code, from the date of filing the application. The matter was listed for further consideration after a month.

## Issues and analysis

### Issue 1: Whether the application meets the prima facie requirements of Section 95 of the Insolvency and …

**Ratio:** Section 95 of the Insolvency and Bankruptcy Code, 2016, outlines the requirements for

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**Reasoning:** The court heard the counsel for the Financial Creditor and perused the application. Based

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**Interpretation:** Section 95 provides a mechanism for creditors to initiate insolvency

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**Application:** In this case, the court's determination that the prima facie requirements were

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## Parties

- **Judges:** BACHU VENKAT…; Narender Kumar…
- **Appellants:** M/s Intec Capital…
- **Respondents:** Newgen Speciality…; M/s. Sheo Kumar…
- **Advocates:** Dhruv P…; Aabas S…; +1 more

## Timeline

- **2021-11-18 — Order Del…**: Order delivered on 18.11.2021, appointing Mr.…
- **2022-01-10 — Matter L…**: Matter listed for further…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 95(1) — Application by creditor to initiate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-95)

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