# In the matter of Neo Corp International Limited CP(IB)-3847-MB-2018

> NCLT judgment dated 2020-03-02. Citation: TCN-2020-NCLT-01719. Modern Packaging Industries, an operational creditor, filed a company petition under Section 9…

- **Court:** NCLT
- **Order date:** 2 Mar 2020
- **Citation:** TCN-2020-NCLT-01719
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/neo-corp-international-limited-cpib-3847-mb-2018-550d3147

## Summary

### Background

Modern Packaging Industries, an operational creditor, filed a company petition under Section 9 of the Insolvency and Bankruptcy Code, 2016 (IBC) to initiate Corporate Insolvency Resolution Process (CIRP) against Neo Corp International Limited, the corporate debtor. The petition was filed due to the corporate debtor's alleged failure to pay a sum of Rs. 5,64,415.00 as principal and Rs. 1,20,296.00 as interest, with the date of default being 23.07.2018. The corporate debtor is a public company incorporated on 15.02.1985.

## Facts

Modern Packaging Industries, an operational creditor, filed a petition under Section 9 of the IBC to initiate CIRP against Neo Corp International Limited, the corporate debtor. The petition was based on the corporate debtor's failure to pay Rs. 5,64,415.00 as principal and Rs. 1,20,296.00 as interest, with the default date being 23.07.2018. The petition was filed on 03.10.2018. However, the corporate debtor was already undergoing CIRP under an order dated 19.09.2019. Neo Corp International Limited is a public company incorporated on 15.02.1985.

## Issues and analysis

### Issue 1: Whether the petition filed by the operational creditor should be admitted considering the corporate …

**Ratio:** A petition should be dismissed as infructuous if the corporate debtor is already

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**Reasoning:** The court reasoned that since the corporate debtor was already undergoing CIRP, the

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**Interpretation:** The interpretation is that if a CIRP is already in progress for a corporate

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**Application:** The court applied this principle to the facts of the case, noting that Neo Corp

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## Parties

- **Judges:** Rajasekha…; Ravikumar…; +1 more
- **Appellants:** Modern Packaging…
- **Respondents:** Neo Corp Internati…

## Timeline

- **1985-02-15 — Incorporation of…**: Neo Corp International…
- **2018-07-23 — Date of D…**: The Corporate Debtor…

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