# In the matter of Maharashtra Bio Fertilizers (India) Pvt. Ltd.

> NCLT judgment dated 2024-11-21. Citation: TCN-2024-NCLT-00186. The case originates from a Company Petition filed by M/s Royel Krishi Rasayan Private Limited…

- **Court:** NCLT
- **Order date:** 21 Nov 2024
- **Citation:** TCN-2024-NCLT-00186
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/maharashtra-bio-fertilizers-india-pvt-ltd-a0879646

## Summary

### Background

The case originates from a Company Petition filed by M/s Royel Krishi Rasayan Private Limited (Operational Creditor) under Section 9 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate Corporate Insolvency Resolution Process (CIRP) against M/s Maharashtra Bio Fertilizers India Pvt. Ltd. (Corporate Debtor). The Operational Creditor claimed a default of Rs. 2,38,34,471/- with the date of default being 04.04.2023.

## Facts

M/s Royel Krishi Rasayan Private Limited (Operational Creditor) filed a Company Petition against M/s Maharashtra Bio Fertilizers India Pvt. Ltd. (Corporate Debtor) under Section 9 of the Insolvency and Bankruptcy Code, 2016. The Operational Creditor is in the business of importing and supplying Organic Fertilizer, Plant Growth Promoters, Sulphate Nutrients, Water Soluble Fertilizer and Solvent Fertilizer. The Corporate Debtor is a manufacturer of compost, agrochemicals, plant growth regulators and micro nutrients. The Operational Creditor supplied agrochemicals worth Rs. 4,80,52,653/- to the Corporate Debtor. The Corporate Debtor made payments of Rs. 2,78,07,545/-, leaving a balance of Rs. 2,38,34,471/- outstanding. The Operational Creditor served a demand notice dated

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor defaulted on its …

**Ratio:** The existence of an operational debt and a default in its repayment are prerequisites for

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**Reasoning:** The court found that the Corporate Debtor admitted to the debt and the default in its

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**Interpretation:** The court interpreted the provisions of Section 9 of the IBC to mean that if an

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**Application:** The court applied the ratio to the facts of the case and found that the

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## Parties

- **Judges:** Reeta K…; Madhu S…
- **Appellants:** Royel Krishi…
- **Respondents:** Maharashtra Bio…

## Timeline

- **2023-04-04 — Date of D…**: The Corporate Debtor defaulted on its payment…
- **2024-05-20 — Recent Pa…**: The Corporate Debtor made a recent…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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