# In the matter of AGARWAL CHEM PRODUCTS (INDIA) PRIVATE LIMITED

> NCLT judgment dated 2026-02-18. Citation: TCN-2026-NCLT-00164. The Corporate Applicant, Agarwal Chem Products (India) Private Limited, filed a Company…

- **Court:** NCLT
- **Order date:** 18 Feb 2026
- **Citation:** TCN-2026-NCLT-00164
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/agarwal-chem-products-india-private-limited-9050a952

## Summary

### Background

The Corporate Applicant, Agarwal Chem Products (India) Private Limited, filed a Company Petition under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own Corporate Insolvency Resolution Process (CIRP) due to financial stress and inability to repay debts.

## Facts

The Corporate Applicant filed the petition under Section 10 of the IBC.

The Corporate Applicant is facing financial stress and is unable to repay its debts.

The amount in default is Rs. 11,25,59,152.09 as on 31.03.2024.

The Corporate Applicant was sanctioned a working capital limit of ₹17.26 crores by State Bank of India (SBI) on 27.04.2022.

The Corporate Applicant availed multiple loan facilities from Deutsche Bank.

The account of the Corporate Applicant was classified as NPA on 27.12.2022 by SBI.

SBI issued a notice under Section 13(2) of the SARFAESI Act on 11.01.2023 demanding repayment of ₹15,06,75,047.01.

The shareholders of the Corporate Applicant passed a Special Resolution authorizing the filing of the application under Section 10 of the IBC.

…

## Issues and analysis

### Issue 1: Whether the application under …

**Ratio:** The Adjudicating Authority can admit the application if it is complete and the corporate

…

**Reasoning:** The application was found to be complete, and the corporate debtor was in default of an

…

**Interpretation:** Section 10 of IBC allows a corporate debtor to initiate CIRP if it is unable to

…

**Application:** The Adjudicating Authority admitted the application and initiated CIRP against

…

## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Respondents:** Agarwal Chem…
- **Other parties:** Mohanlal A…; Nitin Om K…

## Timeline

- **2022-12-27 — Account Classified as…**: The account of the Corporate Applicant was classified as Non-Performing Asset (NPA) by…
- **2023-01-11 — SARFAESI…**: SBI issued a notice under Section 13(2) of the SARFAESI Act demanding repayment of…

## 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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