# In the matter of Nagarjuna Fertilizers and Chemicals Ltd. IA (IBC)- 1524-2022 in Company Petition IB-48-2022

> NCLT judgment dated 2023-05-25. Citation: TCN-2023-NCLT-03199. The case involves an application (IA (IBC)/ 1524/2022) in a Company Petition (IB/48/2021)…

- **Court:** NCLT
- **Order date:** 25 May 2023
- **Citation:** TCN-2023-NCLT-03199
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/nagarjuna-fertilizers-and-chemicals-ltd-ia-ibc-1524-2022-in-company-petition-ib-fe9aec47

## Summary

### Background

The case involves an application (IA (IBC)/ 1524/2022) in a Company Petition (IB/48/2021) concerning Nagarjuna Fertilizers and Chemicals Ltd. The Corporate Debtor was admitted into CIRP via an order dated 27.08.2021. This admission order was challenged before the NCLAT. The IRP was appointed and invited claims from creditors but stopped proceedings further from 14.09.2021.

## Facts

Nagarjuna Fertilizers and Chemicals Ltd is the Corporate Debtor. An application (IA (IBC)/ 1524/2022) was filed in relation to Company Petition (IB/48/2021). The Corporate Debtor was admitted into CIRP on 27.08.2021 via an order in CP(IB) No. 524/9/HDB/2019. This admission order was challenged by the Corporate Debtor before the NCLAT. The NCLAT passed an order on 14.09.2021. An IRP was appointed, who invited claims from creditors but stopped proceedings from 14.09.2021. The Operational Creditor sought to pursue its claim. The Learned Senior Counsel for the Corporate Debtor relied on the ruling in Ashok Kumar Tyagi vs. UCO Bank. ICICI Bank is an Intervenor in the case.

## Issues and analysis

### Issue 1: Whether the Petitioner/Operational Creditor can pursue its claim before the IRP appointed in CP(IB) …

**Ratio:** The ratio is based on the principle that the Operational Creditor should have the liberty

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**Reasoning:** The court reasoned that since the Corporate Debtor is already admitted into CIRP, the IRP

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**Interpretation:** This issue involves the interpretation of the IBC provisions regarding the

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**Application:** The ratio and reasoning are applied to the specific facts by allowing the

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## Parties

- **Judges:** DR.VENKATA…; Satya Ranjan…
- **Respondents:** Nagarjuna…

## Timeline

- **2021-08-27 — CIRP Admissio…**: Corporate Debtor admitted into CIRP vide Orders of the Tribunal in CP(IB) No.…
- **2021-09-14 — NCLAT Or…**: Hon'ble NCLAT passed an order…

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