# In the matter of Prominent Polymers Private Limited IB-741-(ND)-2020

> NCLT judgment dated 2022-05-25. Citation: TCN-2022-NCLT-04770. The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read…

- **Court:** NCLT
- **Order date:** 25 May 2022
- **Citation:** TCN-2022-NCLT-04770
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-new-delhi/prominent-polymers-private-limited-ib-741-nd-2020-65b32a45

## Summary

### Background

The application was filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016, for initiating Corporate Insolvency Resolution Process (CIRP).

## Facts

Newgen Speciality Plastics Limited, through its liquidator Mr. Anil Kumar, filed an application claiming to be an operational creditor.

The operational creditor supplied LLDPE Compound to the corporate debtor.

The operational creditor raised invoices aggregating to Rs. 92,45,001/-.

A demand notice was sent on 30.01.2020 for the unpaid operational debt.

The respondent, Prominent Polymers Private Limited, did not appear in the matter.

The outstanding amount was in consonance with the demand notice dated 30.01.2020.

The amount of default is above the minimum threshold limit of Rs. One Lakh as per Section 4 of the IBC, 2016.

The applicant has proposed the name of an IRP, Mr. Rajesh Kumar Parakh.

…

## Issues and analysis

### Issue 1: Whether the application under Section 9 of the Insolvency and Bankruptcy Code, 2016, should be …

**Ratio:** Section 9(5) of the

…

**Reasoning:** The tribunal found that there was a default on the part of the respondent in pursuance of

…

**Interpretation:** The application stands admitted in

…

**Application:** The Corporate Insolvency Resolution Process is ordered to be initiated against

…

## Parties

- **Judges:** DHARMINDER…; SUMITAPURKA…
- **Appellants:** Newgen Speciality…; Anil K…
- **Respondents:** Prominent…
- **Other parties:** Rajesh Kumar…

## Timeline

- **2020-03-04 — Applicatio…**: Application filed on 04.03.2020 claiming as the operational creditor with the prayer for…
- **2020-01-30 — Demand Noti…**: The applicant sent a Demand Notice dated 30.01.2020 demanding payment of an unpaid…

## 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)

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-new-delhi/prominent-polymers-private-limited-ib-741-nd-2020-65b32a45