- Shweta Verma
April 03, 2026
In the matter of Agarwal Chem Products (India) Private Limited
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IN THE NATIONAL COMPANY LAW TRIBUNAL MUMBAI BENCH, COURT-I
https://ibbi.gov.in/uploads/order/4641fd293fad53442199ccb2c5080e00.pdf
The National Company Law Tribunal (Mumbai Bench) admitted a voluntary insolvency application filed under Section 10 of the Insolvency and Bankruptcy Code, 2016 by Agarwal Chem Products (India) Pvt. Ltd., which declared its inability to repay debts of about ₹11.25 crore amid severe financial distress, including classification as an NPA and recovery actions by lenders like State Bank of India and Deutsche Bank; finding the application complete and default established, the Tribunal initiated the Corporate Insolvency Resolution Process (CIRP), imposed a moratorium under Section 14 (halting suits, recoveries, and asset transfers), appointed an Interim Resolution Professional (IRP), and transferred management of the company to the IRP while directing cooperation from directors and initiation of the resolution process in accordance with law.
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Shweta Verma
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