# In the matter of Proto D Industries Private Limited

> NCLT judgment dated 2025-11-28. Citation: TCN-2025-NCLT-01820. 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-01820
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-mumbai/proto-d-industries-private-limited-c2a65146

## 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 an application under Section 9 of the IBC claiming a default of Rs. 5,82,19,776 by Proto D Industries Private Limited.

The application was filed on 10.07.2024.

The applicant relied on purchase orders, invoices, and a demand notice dated 12.04.2024.

Proto D Industries Private Limited argued that the application was not maintainable due to pending proceedings under Section 138 of the Negotiable Instruments Act.

The corporate debtor had issued an undertaking on 24.07.2023 to pay Rs. 6,31,27,094 against supplies made by Rexel India Private Limited.

The NeSL record of default in Form D was deemed to be authenticated.

The date of default mentioned by the applicant is 29.05.2023 onwards.

…

## Issues and analysis

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

**Ratio:** The pendency of proceedings under Section 138 of the NI Act does not bar proceedings

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**Reasoning:** Proceedings under Section 138 of the NI Act are quasi-criminal in nature, aimed at

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**Interpretation:** The doctrine of res judicata does not apply as the proceedings under Section

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**Application:** The Tribunal held that the plea of res judicata was misconceived and did not

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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 an…
- **2024-01-24 — Board Reso…**: Mr. Suraj Alhat authorised vide Board Resolution dated 24.01.2024 for initiating…

## 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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