# In the matter of B M G CHEMICALS PRIVATE LIMITED

> NCLT judgment dated 2025-08-25. Citation: TCN-2025-NCLT-01243. The case pertains to a Company Petition filed by BMG Chemicals Private Limited under Section 10…

- **Court:** NCLT
- **Order date:** 25 Aug 2025
- **Citation:** TCN-2025-NCLT-01243
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/b-m-g-chemicals-private-limited-738bcc3e

## Summary

### Background

The case pertains to a Company Petition filed by BMG Chemicals Private Limited under Section 10 of the Insolvency and Bankruptcy Code, 2016, seeking to initiate its own Corporate Insolvency Resolution Process (CIRP).

## Facts

BMG Chemicals Private Limited filed a petition under Section 10 of the IBC to initiate CIRP.

The Corporate Applicant was incorporated on 25.09.1997 under the Companies Act, 1956.

The Corporate Applicant's Nominal Share Capital is Rs. 50,00,000/- and Paid-up Capital is Rs. 21,00,000/-.

The Corporate Applicant has a net loss of Rs. 47,96,02,225/- as on 31.03.2025.

The Corporate Applicant has 81 total creditors, including one financial creditor and 74 operational creditors.

The Corporate Applicant defaulted in payment of dues owed to 8 operational creditors.

The total amount in default is Rs. 16,65,61,949/- as on 29.05.2025.

The Corporate Applicant passed a Board Resolution on 26.04.2025 to initiate CIRP.

…

## Issues and analysis

### Issue 1: Whether the application made by the Corporate Applicant is complete in all respects as required by …

**Ratio:** The Bench considered the application and

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**Reasoning:** The application was filed as per Rule 7(1) of the Insolvency and Bankruptcy (Application

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**Interpretation:** The Adjudicating Authority interpreted the rules and regulations to ensure

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**Application:** The rules were applied to the facts of the case to determine the completeness

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## Parties

- **Judges:** Prabhat…; Sushil Mahadeorao…
- **Respondents:** BMG Chemicals…
- **Other parties:** Yes Bank L…; Palak Swapnil…
- **Advocates:** Manoj M…

## Timeline

- **1997-09-25 — Incorpor…**: The Corporate Applicant, BMG Chemicals…
- **2024-08-19 — Sanction…**: YES Bank Limited issued a sanction letter for a credit facility of Rs. 2,50,00,000/- to…

## 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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