# In the matter of 9Planets Products Private Limited C.P.(IB)-1120-MB-2020

> NCLT judgment dated 2023-05-09. Citation: TCN-2023-NCLT-03451. The case pertains to a Company Petition filed on 09.05.2020 by 9Planets Products Private…

- **Court:** NCLT
- **Order date:** 9 May 2023
- **Citation:** TCN-2023-NCLT-03451
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/9planets-products-private-limited-cpib-1120-mb-2020-866db352

## Summary

### Background

The case pertains to a Company Petition filed on 09.05.2020 by 9Planets Products Private Limited, the Corporate Applicant, under Section 10 of the Insolvency & Bankruptcy Code, 2016, read with Rule 7 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules 2016, seeking initiation of the Corporate Insolvency Resolution Process (CIRP). The Corporate Applicant submitted that its registered office is located in Mumbai and it was incorporated on 22.02.2012. The shareholders of the Corporate Debtor approved the initiation of CIRP in their EOGM held on 28.01.2020 and authorized Mr. Shekhar Parab to represent the company before the NCLT. The Corporate Debtor disclosed outstanding dues of ₹47.32 crores to Financial and Operational Creditors.

## Facts

9Planets Products Private Limited filed a Company Petition on 09.05.2020 under Section 10 of the Insolvency & Bankruptcy Code, 2016, seeking initiation of CIRP. The Corporate Applicant's registered office is in Mumbai, incorporated on 22.02.2012. The shareholders approved CIRP initiation on 28.01.2020, authorizing Mr. Shekhar Parab to represent the company. The Corporate Debtor disclosed dues of ₹47.32 crores to creditors. Mr. Manoj Kumar Mishra was proposed as the Interim Resolution Professional (IRP). The Court issued a notice on 01.11.2022 to secured and unsecured creditors and the RoC. The Corporate Debtor has enclosed Notice dated 13.10.2017 received u/s 13(2) of SARFAESI. The Corporate Debtor has enclosed the audited financial statements for the years from

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor committed a …

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

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**Reasoning:** The Bench considered the petition and supporting documents and found that the Corporate

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

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**Application:** The Corporate Debtor disclosed outstanding dues of ₹47.32 crores, which

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## Parties

- **Judges:** Prabhat…; KISHORE VEMULAPALL…
- **Respondents:** 9Planets Products…
- **Advocates:** Nausher…; Raina B…; +1 more

## Timeline

- **2020-05-09 — Company Petiti…**: 9Planets Products Private Limited filed a…
- **2012-02-22 — Incorporati…**: 9Planets Products Private…

## 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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