NCLT Dismisses Supreme Plascare's Insolvency Petition Against Shiroo Polymers

NCLT Chennai dismissed CP/IBC/76/CHE/2025, an insolvency petition filed by Supreme Plascare against Shiroo Polymers under Section 7 of IBC 2016.
The tribunal ruled the claimed Rs 1.14 crore debt was operational, not financial, arising from commercial transactions for raw materials and finished goods.
The applicant failed to prove disbursement against time value of money, with the actual principal transferred being only Rs 99.14 lakh, below the Rs 1 crore threshold.
No written loan agreement, interest clause, or board resolution was produced to support the claim of a financial debt.