# In the matter of Kosons Forest Products Private Limited C.P. (I.B) No. 25-KB-2022

> NCLT judgment dated 2022-06-09. Citation: TCN-2022-NCLT-04676. Kosons Forest Products Private Limited filed an application under Section 10 of the Insolvency…

- **Court:** NCLT
- **Order date:** 9 Jun 2022
- **Citation:** TCN-2022-NCLT-04676
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-kolkata/kosons-forest-products-private-limited-cp-ib-no-25-kb-2022-9a64a275

## Summary

### Background

Kosons Forest Products Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking initiation of Corporate Insolvency Resolution Process (CIRP) against itself.

## Facts

Kosons Forest Products Private Limited filed an application under Section 10 of the Insolvency and Bankruptcy Code, 2016.

The Corporate Applicant defaulted in payment to Indian Bank, and the loan was reassigned to Reliance Asset Reconstruction Company Limited.

The Corporate Applicant has two Financial Creditors and eight Operational creditors.

The members of the Corporate Applicant passed a resolution on 20 October 2021 to file the application under section 10 of the Code.

Mr. Neeraj Kejriwal was proposed as the Interim Resolution Professional (IRP) and submitted his written consent.

The Adjudicating Authority admitted the application and ordered the initiation of CIRP against the Corporate Debtor.

A moratorium was declared under Section 14 of the IBC.

## Issues and analysis

### Issue 1: Whether the application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016, for …

**Ratio:** Section 10 of the Insolvency and Bankruptcy Code, 2016 allows a corporate applicant to

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**Reasoning:** The Corporate Applicant has filed the application under Section 10 of the Code, seeking

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**Interpretation:** The application is maintainable as per the

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**Application:** The Adjudicating Authority admitted the application, indicating that it found

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## Parties

- **Judges:** Rajasekha…; Balraj…
- **Appellants:** Kosons Forest…
- **Respondents:** Kosons Forest…
- **Other parties:** Reliance Asset…; Technology…; +9 more
- **Advocates:** Aparajit…; Sutapa…

## Timeline

- **2021-05-23 — Date of H…**: Date of hearing was 23…
- **2022-06-09 — Order Pron…**: Order pronounced on 09…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 10 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-10)

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