# Neeraj Papers Agencies Ltd vs. Rainbow Paper Ltd

> NCLT judgment dated 2026-10-07. Citation: TCN-2026-NCLT-01198. The Corporate Debtor (Rainbow Paper Ltd) was admitted into CIRP under Section 9 of the IBC. A…

- **Court:** NCLT
- **Order date:** 7 Oct 2026
- **Citation:** TCN-2026-NCLT-01198
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/rainbow-papers-limited-at02c

## Summary

### Background

The Corporate Debtor (Rainbow Paper Ltd) was admitted into CIRP under Section 9 of the IBC. A resolution plan was approved by the Tribunal but was subsequently set aside by the Hon'ble Supreme Court, leading to its non-implementation. An application was filed by a Financial Creditor (later substituted by the Applicant) seeking liquidation due to the failed resolution plan. The Committee of Creditors (COC) also resolved to initiate liquidation.

## Facts

An application was filed for the appointment of a liquidator to conduct the liquidation process of the Corporate Debtor (CD).

The Corporate Debtor was admitted into CIRP on 12.09.2017 under Section 9 of the IBC.

A Resolution Plan dated 26.05.2018, as amended on 05.06.2018, was approved by the Tribunal on 27.02.2019.

The affairs of the CD were taken over by Kushal Limited on 27.04.2019, and the erstwhile RP relinquished control.

An appeal to the Hon'ble NCLAT dismissed appeals and upheld the Tribunal's order dated 27.02.2019.

One of the Financial Creditors (FC) filed IA 457 of 2022 seeking liquidation due to non-implementation of the resolution plan.

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## Issues and analysis

### Issue 1: Whether the application for appointment of a liquidator to conduct the liquidation process of the …

**Ratio:** The application for the appointment of a liquidator to conduct the liquidation process of

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**Reasoning:** The resolution plan, though initially approved, was set aside by the Hon'ble Supreme

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**Interpretation:** When a resolution plan fails or is set aside by a higher court, and the

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**Application:** The Tribunal allowed IA 1472 of 2026, thereby initiating the liquidation of

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Neeraj Papers…
- **Respondents:** Rainbow Pap…
- **Other parties:** CoC…; Board of Di…; +6 more
- **Advocates:** Sandeep S…; Mr Hitesh…; +5 more

## Timeline

- **2017-09-12 — CIRP Admi…**: Corporate Debtor was admitted into…
- **2018-05-26 — Resolution Pl…**: A Resolution Plan was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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