# In the matter of Parasrampuria Synthetics Limited

> NCLT judgment dated 2025-03-17. Citation: TCN-2025-NCLT-00361. The case originates from the National Company Law Tribunal (NCLT), Jaipur Bench, and involves…

- **Court:** NCLT
- **Order date:** 17 Mar 2025
- **Citation:** TCN-2025-NCLT-00361
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/parasrampuria-synthetics-limited-987296dc

## Summary

### Background

The case originates from the National Company Law Tribunal (NCLT), Jaipur Bench, and involves an application under Section 7 of the Insolvency and Bankruptcy Code (IBC), 2016. Asset Reconstruction Company (India) Ltd. is the Financial Creditor/Applicant, and Parasrampuria Synthetics Limited is the Corporate Debtor/Respondent. The case is being conducted through web-based video conferencing.

## Facts

Asset Reconstruction Company (India) Ltd. has filed an application against Parasrampuria Synthetics Limited under Section 7 of the IBC, 2016. This case is being heard at the NCLT Jaipur Bench. Ms. Renuka Iyer, counsel for Respondent No. 3, accepted the notice on behalf of her client and requested time to file a reply. The court directed the applicant to serve notice to all other respondents except Respondent No. 3 and to provide proof of service. The respondents are required to file their replies at least seven days before the next hearing date, with an advance copy to the counsel. The case has been adjourned to April 14, 2025.

## Issues and analysis

### Issue 1: Whether the notice has been properly served to …

**Ratio:** The principle of natural justice requires that all parties to a legal proceeding must be

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**Reasoning:** The court's direction to serve notice to all respondents (except No. 3, who has already

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**Interpretation:** The interpretation of the law requires that all parties involved in a legal

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**Application:** In this case, the court applied this principle by ordering the applicant to

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## Parties

- **Judges:** Reeta K…; Ashish…
- **Appellants:** Asset Reconstructi…
- **Respondents:** Parasrampuria…
- **Advocates:** Nipun G…; Anuradha Up…; +2 more

## Timeline

- **2018-01-01 — CP No. (IB)- 155/PB/2018…**: Company Petition (CP No.…
- **2024-01-01 — IA (IBC) No. 591/JPR/202…**: Interlocutory Application (IA…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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