# In the matter of Neeta Chemicals (India) Pvt. Ltd. CP (IB) No. 128-10-HDB-2017

> NCLT judgment dated 2018-05-14. Citation: TCN-2018-NCLT-01413. The case involves a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The…

- **Court:** NCLT
- **Order date:** 14 May 2018
- **Citation:** TCN-2018-NCLT-01413
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neeta-chemicals-india-pvt-ltd-cp-ib-no-128-10-hdb-2017-328eff5b

## Summary

### Background

The case involves a petition under Section 10 of the Insolvency and Bankruptcy Code (IBC). The Hon'ble NCLAT Delhi directed the authority to admit the petition if it was otherwise complete. A review of the petition confirmed its completeness. The corporate applicant changed the proposed Interim Resolution Professional (IRP) due to the IRP's engagement in other cases, and this change was permitted.

## Facts

Neeta Chemicals (India) Pvt Ltd is the company involved in the petition. The Hon'ble NCLAT Delhi directed the authority to admit the petition under Section 10 of the IBC if it was complete. The corporate applicant changed the proposed IRP. Mr. Sanjay Kumar Dewani was proposed as the IRP. The petition was admitted, and a moratorium was declared. The order specifies restrictions on actions against the corporate debtor and its assets, with exceptions for transactions notified by the Central Government and the supply of essential goods or services.

## Issues and analysis

### Issue 1: Whether the petition under Section …

**Ratio:** Section 10 of the IBC allows a corporate applicant to initiate the Corporate Insolvency

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**Reasoning:** The court reviewed the petition and found it to be complete in all respects, fulfilling

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**Interpretation:** Section 10 of the IBC provides the mechanism for a corporate applicant to

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**Application:** The court applied the ratio by verifying that the petition was complete, thus

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## Parties

- **Judges:** BIKKI RAVEENDRA…
- **Respondents:** Neeta Chemicals…; Neeta Chemicals…
- **Advocates:** Amir Ba…; Sandeep M…

## Timeline

- **2018-03-22 — NCLAT Or…**: The Hon'ble NCLAT Delhi directed the authority to admit the petition under Section 10 of…
- **2018-05-14 — Order Da…**: The court admitted the petition, appointed Mr. Sanjay Kumar Dewani as the IRP, and…

## Legal provisions

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

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