# In the matter of Neesa Agritech and Foods Ltd. IA No. 76-2020 in C.P. (I.B) No. 423-NCLT-AHM-2018

> NCLT judgment dated 2020-09-28. Citation: TCN-2020-NCLT-00519. M/s. Neesa Agritech and Foods Limited filed a petition under Section 10 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 28 Sept 2020
- **Citation:** TCN-2020-NCLT-00519
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neesa-agritech-and-foods-ltd-ia-no-76-2020-in-cp-ib-no-423-nclt-ahm-2018-a2092e63

## Summary

### Background

M/s. Neesa Agritech and Foods Limited filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, as an operational creditor/applicant. The application sought to initiate the Corporate Insolvency Resolution Process (CIRP). Several financial creditors, including Small Industries Development Bank of India (SIDBI), Central Bank of India (CBI), and ICICI Bank Ltd., filed objections. Paisalo Digital Ltd. also filed an Interlocutory Application objecting to the admission of the petition until the corporate debtor paid outstanding dues.

## Facts

M/s. Neesa Agritech and Foods Limited (the applicant) filed a petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate the Corporate Insolvency Resolution Process (CIRP). The applicant claimed to be an operational creditor. Small Industries Development Bank of India (SIDBI), Central Bank of India (CBI), and ICICI Bank Ltd. (the financial creditors) filed objections, alleging suppression of facts, incomplete application, and malicious intent. SIDBI claimed that the applicant had suppressed information regarding mortgage of property, outstanding dues, and ongoing recovery proceedings. SIDBI had sanctioned term loans to the applicant company from FY 2006 to 2013, with outstanding amounts as of 16.06.2019. CBI also objected, stating that

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## Issues and analysis

### Issue 1: Whether the application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 is …

**Ratio:** The application under Section 10 of the Code must be filed by a corporate applicant as

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**Reasoning:** The Tribunal found that the applicant was not a corporate applicant as per form 6, Clause

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**Interpretation:** Section 10 of the Code specifies the requirements for an application to be

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**Application:** In this case, the applicant failed to comply with the requirements of Section

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## Parties

- **Judges:** Manorama…; Chockalingam…
- **Respondents:** Neesa Agritech…; Small Industries…

## Timeline

- **2010-08-01 — Loan Facilitie…**: The corporate debtor availed loan facilities from the objector company as per agreed…
- **2013-12-09 — NPA Classif…**: The applicant turned into…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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