# In the matter of Kochar Overseas Private Limited CP (IB) No. 108-Chd-Pb-2017

> NCLT judgment dated 2017-11-27. Citation: TCN-2017-NCLT-00131. The case pertains to an insolvency petition filed under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 27 Nov 2017
- **Citation:** TCN-2017-NCLT-00131
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/kochar-overseas-private-limited-cp-ib-no-108-chd-pb-2017-c2b11793

## Summary

### Background

The case pertains to an insolvency petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, regarding Kochar Overseas Private Limited. The petition was admitted on 16.11.2017. The matter was listed for passing a formal order for the appointment of an Interim Resolution Professional (IRP). The petitioner had proposed the name of Mr. Yogender Pal Singhal as the IRP, and his communication in Form No. 2 was found to be in order.

## Facts

Kochar Overseas Private Limited is the Corporate Debtor in this case. An insolvency petition was filed under Section 10 of the Insolvency and Bankruptcy Code, 2016. The petition was admitted on 16.11.2017. The petitioner proposed Mr. Yogender Pal Singhal as the Interim Resolution Professional (IRP). The court found Mr. Singhal's communication in Form No. 2 to be in order. The Financial Creditor is PNB (Punjab National Bank). The order was delivered on 27.11.2017. The IRP is required to make a public announcement of the initiation of the Corporate Insolvency Resolution Process (CIRP). The IRP is required to appoint two registered valuers to determine the liquidation value of the Corporate Debtor.

## Issues and analysis

### Issue 1: Whether the petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 should be …

**Ratio:** Section 10 of the IBC allows a corporate applicant to initiate CIRP if a default has

…

**Reasoning:** The court admitted the petition as it met the

…

**Interpretation:** Section 10 provides the mechanism for a corporate debtor to initiate CIRP when

…

**Application:** The petition was admitted on 16.11.2017, indicating that the court found

…

## Parties

- **Judges:** R.P.Nag…
- **Respondents:** Kochar Overseas…

## Timeline

- **2017-11-16 — Petition Ad…**: The petition filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 was…
- **2017-11-27 — Order Del…**: Order delivered appointing…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14(1) — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/kochar-overseas-private-limited-cp-ib-no-108-chd-pb-2017-c2b11793