# In the matter of PROTO D INDUSTRIES PRIVATE LIMITED

> NCLT judgment dated 2025-11-28. Citation: TCN-2025-NCLT-01725. Rexel India Private Limited filed an application under Section 9 of the Insolvency and…

- **Court:** NCLT
- **Order date:** 28 Nov 2025
- **Citation:** TCN-2025-NCLT-01725
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/proto-d-industries-private-limited-1485f4e3

## Summary

### Background

Rexel India Private Limited filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate Corporate Insolvency Resolution Process (CIRP) against Proto D Industries Private Limited, claiming a default of Rs. 5,82,19,776.

## Facts

Rexel India Private Limited filed C.P. (IB) No.417/MB/2025 on 10.07.2024 under Section 9 of the IBC.

The application was signed by Mr. Suraj Alhat, authorized by a Board Resolution dated 24.01.2024.

The total amount claimed to be in default by the Applicant is Rs. 5,82,19,776.

The dates of default are mentioned as 29.05.2023 onwards, based on a 45-day credit period.

Proto D Industries Private Limited issued an undertaking dated 24.07.2023 to pay Rs. 6,31,27,094.

The Applicant sent a Demand Notice dated 12.04.2024 under Section 8 of the Code.

The NeSL record of default in Form D shows the status of authentication as “Deemed to be Authenticated”.

Proceedings under Section 138 of the Negotiable Instruments Act are pending against the CD.

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## Issues and analysis

### Issue 1: Whether the application under Section 9 of the IBC is maintainable despite pending proceedings …

**Ratio:** Proceedings under Section 138 of the NI Act are quasi-criminal in nature and do not

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**Reasoning:** The Tribunal reasoned that the essential requirements of Section 11 of the CPC, namely

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**Interpretation:** The Tribunal interpreted Section 11 of the CPC and the nature of proceedings

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**Application:** The Tribunal applied the established legal position that proceedings under

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## Parties

- **Judges:** SAMEER…; NILESH S…
- **Appellants:** Rexel India…
- **Respondents:** Proto D Industries…
- **Other parties:** Dipakkumar Ramdas…; Dipak S…; +2 more
- **Advocates:** Siddha Pa…; Anita P…; +1 more

## Timeline

- **2024-07-10 — Application…**: Rexel India Private Limited filed C.P. (IB)…
- **2024-01-24 — Board Reso…**: Board Resolution dated 24.01.2024 authorized…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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