# In the matter of PREMIER PROTEINS LIMITED

> NCLT judgment dated 2025-08-28. Citation: TCN-2025-NCLT-01328. The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 28 Aug 2025
- **Citation:** TCN-2025-NCLT-01328
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-indore/premier-proteins-limited-392d9bbd

## Summary

### Background

The case pertains to an application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (IBC) for the initiation of the Corporate Insolvency Resolution Process (CIRP) against M/s Premier Proteins Limited.

## Facts

The petition was filed on 12.08.2023 by M/s Premier Proteins Limited through its Managing Director, Rajesh Agrawal.

M/s Premier Proteins Limited was incorporated on 27.03.1986 and was engaged in the business of manufacturing, trading, and processing of high protein soya bean foods, refined oils, and other types of edible and non-edible oil seeds.

The company's performance deteriorated by the end of the financial year 2002, and it became a sick industrial undertaking.

The company was declared a 'sick company' under the Sick Industrial Companies Act in 2005.

The Bombay Stock Exchange compulsorily delisted the company in 2016.

There has been no commercial activity in the company since 2013, and it has huge accumulated losses.

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor is entitled to the …

**Ratio:** Yes, the Tribunal was satisfied that the Corporate Debtor is entitled to the relief

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**Reasoning:** The Tribunal considered the Corporate Debtor's financial condition, the BIFR order,

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**Interpretation:** The Tribunal interpreted Section 10 of the IBC to allow for the initiation of

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**Application:** The Tribunal applied the provisions of Section 10 of the IBC to the facts of

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## Parties

- **Judges:** Mohan P.…; SANJEEV S…
- **Appellants:** Rajesh Ag…
- **Respondents:** M/s Premier…
- **Other parties:** Navin Khan…; Liquidator of M/s…
- **Advocates:** Vijayesh…

## Timeline

- **12.08.2023 — Petition…**: The present Petition is filed on 12.08.2023 by the Applicant M/s Premier Proteins Limited…
- **28/08/2025 — Order Del…**: Order Delivered on…

## 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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