In the matter of Ppagro India Private Limited Company Petition No. (Ib)- 06-10-JPR-2022
Case brief
What is this about?
The Tribunal admitted the self-filed application for initiation of Corporate Insolvency Resolution Process under Section 10 of the Code. An Interim Resolution Professional was appointed, and a moratorium under Section 14 was issued, staying all suits and proceedings against the corporate debtor.
What did the court decide?
Corporate Insolvency Resolution Process initiated; moratorium under Section 14 issued; Interim Resolution Professional appointed; pending interim applications disposed of.
1
IN THE NATIONAL COMPANY LAW TRIBUNAL JAIPUR BENCH, JAIPUR
CORAM: SHRI DEEP CHANDRA JOSHI, HON’BLE JUDICIAL MEMBER
SHRI PRASANTA KUMAR MOHANTY, HON’BLE TECHNICAL MEMBER
Company Petition No. (IB)- 06/10/JPR/2022
IN THE MATTER OF: M/s PPAGRO INDIA PRIVATE LIMITED
R/o: 6-D-55 Jai Narayan Vyas Colony, Bikaner334001.
… Corporate Applicant/ Debtor For the Applicant : Nitesh Shrivastava, Adv. For PNB : Vikas Jain, Adv.
Order Pronounced On: 13.01.2023
ORDER
Per: Shri Deep Chandra Joshi, Judicial Member
- The instant Application is filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 (‘Code’) read with Rule 7(1) of the Insolvency and Bankruptcy (Application to Adjudicating Authority) Rules, 2016 (‘Rules’) for initiation of Corporate Insolvency Resolution Process in respect of M/s PPAgro India Private Limited, the Corporate Debtor being the Applicant Company itself. The instant Application is filed through its director, Mr. Narayan Swami, who has been authorised vide Board Resolution dated 15.01.2022.
Issues for consideration
2 issues framed by the court
Whether the corporate insolvency resolution process application is maintainable on default amount exceeding threshold.
Whether the requirements for admission under Section 10 of the Code are complied with.
Parties & counsel
- applicant
M/s PPAgro India Private Limited
- respondent
Punjab National Bank
Coram
Deep Chandra Joshi
Case details
As recorded by the court registry
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