# Arvind Gaudana RP vs. Vrundavan Ceramics Private Limited

> NCLT judgment dated 2024-09-27. Citation: TCN-2026-NCLT-00915. The case originated from an application filed under Section 7 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 27 Sept 2024
- **Citation:** TCN-2026-NCLT-00915
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/arvind-gaudana-rp-vs-vrundavan-ceramics-private-limited-sdiro

## Summary

### Background

The case originated from an application filed under Section 7 of the Insolvency and Bankruptcy Code, 2016 (IBC) by State Bank of India against Vrundavan Ceramics Private Limited in 2018, with the Corporate Insolvency Resolution Process (CIRP) commencing in 2020. Mr. Arvind Gaudana was appointed as the Interim Resolution Professional (IRP) and subsequently as the Resolution Professional (RP). Claims were invited, and a Committee of Creditors (CoC) was constituted. Multiple extensions and exclusions were granted for the CIRP period due to various reasons, including the pandemic and ongoing litigation. Several resolution plans were received and considered, with one plan from Lorenzo Vitrified Tiles being approved by the CoC.

## Facts

State Bank of India, a Financial Creditor, filed an application u/s 7 of the IB Code, being CP (IB) No.561 of 2018, against Vrundavan Ceramics Private Limited.

The petition was admitted, and the Corporate Insolvency Resolution Process (CIRP) commenced on 21.01.2020.

Mr. Arvind Gaudana was appointed as the Interim Resolution Professional (IRP) on 21.01.2020.

A public announcement of the initiation of CIRP was made on 30.01.2020, inviting claims from creditors by 12.02.2020.

Claims were received from State Bank of India (Form-C), SMV Cera Private Limited (Form-B), and Intec Capital Limited (Form-C).

The CoC was constituted with State Bank of India as the sole Financial Creditor.

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## Issues and analysis

### Issue 1: Whether the resolution plan submitted by the applicant is in compliance with the statutory …

**Ratio:** The resolution plan was submitted beyond the mandatory timelines stipulated by the IBC

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**Reasoning:** The Tribunal noted that the CIRP period was directed to be completed by 30.11.2023 as per

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**Interpretation:** Strict adherence to timelines is a fundamental principle of the IBC, as

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**Application:** Given the substantial delay in filing the application for approval of the

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## Parties

- **Judges:** SHAMMI…; SAMEER…
- **Appellants:** Arvind Gaud…; Arvind Ga…; +2 more
- **Respondents:** Vrundavan…
- **Other parties:** M/s. RRR Insolvenc…; Akarsh Ka…; +4 more
- **Advocates:** Ravi P…

## Timeline

- **2020-01-21 — CIRP Commencement & IRP…**: Commencement of CIRP for Vrundavan Ceramics Private Limited and appointment of Mr. Arvind…
- **2020-01-30 — Public Announcement of…**: Public announcement of the initiation of Corporate Insolvency Resolution Process (CIRP)…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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