# In the matter of L G Fibre Private Limited

> NCLT judgment dated 2025-08-12. Citation: TCN-2025-NCLT-01226. The case pertains to an Interlocutory Application (IA No. 16 of 2024 in CP(IB) No. 236 of 2023)…

- **Court:** NCLT
- **Order date:** 12 Aug 2025
- **Citation:** TCN-2025-NCLT-01226
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/l-g-fibre-private-limited-cd1caca1

## Summary

### Background

The case pertains to an Interlocutory Application (IA No. 16 of 2024 in CP(IB) No. 236 of 2023) filed by the Resolution Professional (RP) under Section 33 & 34 of the Insolvency & Bankruptcy Code, 2016, seeking an order for the liquidation of the Corporate Debtor, L. G. Fibre Pvt. Ltd.

## Facts

The Resolution Professional filed an application under Section 33 & 34 of the IBC, 2016, seeking liquidation of L. G. Fibre Pvt. Ltd.

The Corporate Debtor was admitted into CIRP on 21.12.2023 based on an application by Financial Creditor Raj Radhe Finance Limited.

Rahul N. Shah was appointed as the Interim Resolution Professional (IRP).

The CoC resolved to continue IRP as RP in the 1st meeting.

The CoC approved publication of Form -G on 18.01.2024.

The CoC decided to liquidate the Corporate Debtor with 100% voting.

The CIRP period expired on 20.09.2024, and no resolution plan was received.

The RP submitted Form H, stating the Realisable value as Rs 7.00 lakhs and the liquidation value as Rs.11.00 lakhs.

Niharika Maheshwari was appointed as the Liquidator.

## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor, L. G. Fibre Pvt. Ltd., should be initiated under …

**Ratio:** Section 33(2) of the IBC, 2016, allows for the liquidation of the Corporate Debtor if the

…

**Reasoning:** The CoC decided to liquidate the Corporate Debtor with 100% voting, and the CIRP period

…

**Interpretation:** The Adjudicating Authority interpreted Section 33(2) to allow for the

…

**Application:** The Adjudicating Authority applied Section 33(2) and ordered the initiation of

…

## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** CA Rahul Nareshbha…; CA Rahul Nareshbha…
- **Respondents:** L.G. Fibre…; L.G Fibre P…
- **Other parties:** Raj Radhe Finance…; Rahul N…; +2 more
- **Advocates:** Hirva…

## Timeline

- **2023-12-21 — Admission in…**: Corporate Debtor admitted into Corporate Insolvency Resolution Process (CIRP) vide order…
- **2023-12-23 — Public Annou…**: Public announcement and invitation for claims from creditors of the Corporate Debtor in…

## 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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