# C.M.P Industrie S.R.L. vs. CMP Euro Technoplast Private Limited

> NCLT judgment dated 2026-08-06. Citation: TCN-2026-NCLT-00808. C.M.P Industrie S.R.L. (Financial Creditor) filed a Section 7 application under the Insolvency…

- **Court:** NCLT
- **Order date:** 6 Aug 2026
- **Citation:** TCN-2026-NCLT-00808
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/cmp-industrie-srl-vs-cmp-euro-technoplast-private-limited-2qraq

## Summary

### Background

C.M.P Industrie S.R.L. (Financial Creditor) filed a Section 7 application under the Insolvency and Bankruptcy Code, 2016, against CMP Euro Technoplast Private Limited (Corporate Debtor) for defaulting on External Commercial Borrowings (ECB) amounting to Euros 43,50,000/- (equivalent to INR 35,56,79,566/-). Chetan Doshi, a 25.25% shareholder and former director of the Corporate Debtor, filed an intervention petition alleging that the Section 7 application was fraudulent and collusive, aimed at driving the Corporate Debtor into insolvency to bypass his shareholding buy-out agreement and other pending legal proceedings (Oppression & Mismanagement petition, High Court suit).

## Facts

CP 1231 of 2025 is an Application filed under Section 7 of Insolvency and Bankruptcy Code, 2016 by CMP INDUSTRIE S.R.L. (Financial Creditor) against The CMP EURO TECHNOPLAST PVT. LTD. (Corporate Debtor).

The Financial Creditor granted a loan of Euros 43,50,000/- to the Corporate Debtor.

The amount claimed to be in default is equivalent to Rs. 35,56,79,566/- as on August 31, 2025.

The Financial Creditor is a company incorporated under the Laws of Italy, specialized in producing toys and plastic promotional items.

The Corporate Debtor is also in the business of manufacturing toys and approached the Financial Creditor for funds for capital expenditure, acquisition of plant and machinery, construction of factory premises, working capital, and other general corporate purposes.

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## Issues and analysis

### Issue 1: Whether there is a conflict of interest on account of the Financial Creditor (i.e. CMP Italy) and …

**Ratio:** Related party transactions and common management require deeper scrutiny but do not

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**Reasoning:** The NCLAT in Balkishan Shrikisan Baldaw vs. Agri-tech (India) Ltd. emphasized the need

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**Interpretation:** While the relationship between the Financial Creditor and Corporate Debtor

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**Application:** The NCLT acknowledged the related party status but proceeded with the admission

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## Parties

- **Judges:** NILESH S…; SAMEER…
- **Appellants:** C.M.P Industrie…; Chetan…
- **Respondents:** CMP Euro Technopla…
- **Other parties:** Jatinder…; Silvano S…; +3 more
- **Advocates:** Rohit G…; Sola…; +5 more

## Timeline

- **1969-04-02 — Financial Creditor…**: C.M.P Industrie S.R.L.…
- **2013-12 — Intervenor's Managing…**: Chetan Doshi (Intervenor) began his Managing…

## 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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