# In the matter of Neo Corp International Limited CP(IB)-3581-MB-2018

> NCLT judgment dated 2020-03-02. Citation: TCN-2020-NCLT-01720. Fairdeal International, the Operational Creditor, filed a Company Petition under Section 9 of…

- **Court:** NCLT
- **Order date:** 2 Mar 2020
- **Citation:** TCN-2020-NCLT-01720
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neo-corp-international-limited-cpib-3581-mb-2018-a31c54e8

## Summary

### Background

Fairdeal International, the Operational Creditor, filed a Company Petition under Section 9 of the Insolvency & Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Geotech World Wide, the Corporate Debtor. The petition was filed before the Adjudicating Authority on 2018-09-12, alleging that the Corporate Debtor, a division of Neo Corp. International Ltd., failed to pay Rs. 1,23,050.00, the principal amount due as of 2015-09-19, the date of default.

## Facts

Fairdeal International (Operational Creditor) filed a petition under Section 9 of the IBC to initiate CIRP against Geotech World Wide (Corporate Debtor), a division of Neo Corp. International Ltd. The petition was filed due to the Corporate Debtor's failure to pay a sum of Rs. 1,23,050.00, with the date of default being 2015-09-19. Neo Corp. International Ltd. was already under CIRP based on an order dated 2019-09-19. Geotech World Wide is not a separate legal entity but a division of Neo Corp. International Ltd. The petition was filed on 2018-09-12.

## Issues and analysis

### Issue 1: Whether the present Petition [CP(IB)-3581/MB/2018] against the Respondent is maintainable when the …

**Ratio:** A petition against a division of a company is not maintainable if the parent company is

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**Reasoning:** The court reasoned that since the Respondent, Geotech World Wide, is merely a division of

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**Interpretation:** The interpretation is that a division of a company does not have a separate

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**Application:** In this case, Geotech World Wide is a division of Neo Corp. International Ltd.,

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Fairdeal Internati…
- **Respondents:** Geo Tech World…

## Timeline

- **1985-02-15 — Incorporation of Neo…**: Neo Corp. International Ltd. was…
- **2015-09-19 — Date of D…**: The date on which the Corporate Debtor allegedly defaulted on the payment of Rs.…

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