# Mr. Atul Mittal, RP of Shrinathji Spintex Pvt Ltd vs. Shrinathji Spintex Private Limited

> NCLT judgment dated 2026-10-01. Citation: TCN-2026-NCLT-01172. The Corporate Debtor, Shrinathji Spintex Private Limited, was admitted into Corporate…

- **Court:** NCLT
- **Order date:** 1 Oct 2026
- **Citation:** TCN-2026-NCLT-01172
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/shrinathji-spintex-private-limited-w4tak

## Summary

### Background

The Corporate Debtor, Shrinathji Spintex Private Limited, was admitted into Corporate Insolvency Resolution Process (CIRP) on 08.05.2025. Mr. Atul Mittal was appointed as Interim Resolution Professional (IRP) and subsequently as Resolution Professional (RP). Public announcements were made, and the Committee of Creditors (CoC) was constituted. Despite issuing Form G twice to invite Expressions of Interest (EoI) and providing necessary documents to Prospective Resolution Applicants (PRAs), no resolution plans were received by the extended deadlines. The CoC, in its 9th meeting, rejected a proposal for a third Form G and unanimously resolved to initiate liquidation proceedings against the Corporate Debtor.

## Facts

The Corporate Debtor, Shrinathji Spintex Private Limited, was admitted into CIRP vide order dated 08.05.2025 by the NCLT in CP (IB) No. 574 of 2018 under Section 7 of IBC.

Mr. Atul Mittal was appointed as IRP and subsequently as RP.

Public announcement in Form A was made on 10.05.2025 for inviting claims from creditors.

The Committee of Creditors (CoC) was constituted as per Regulation 16 of the IBBI (Insolvency Resolution Process for Corporate Persons), 2016.

Form G was issued on 17.07.2025 and 02.09.2025 with CoC approval, inviting Expression of Interest (EoI) from prospective resolution applicants.

The last date for submission of EoI was 11.08.2025.

Four Prospective Resolution Applicants (PRAs) submitted their EoIs.

…

## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Shrinathji Spintex Private Limited, should be admitted into …

**Ratio:** The Corporate Debtor is to be liquidated as no resolution plan was received within the

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**Reasoning:** The CIRP period concluded without any resolution plan being submitted by Prospective

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**Interpretation:** Sections 33 and 34 of the IBC, 2016, mandate the Adjudicating Authority to

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**Application:** Given the failure to receive any resolution plan, the completion of the CIRP

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Atul Mittal RP of…; Atul Mi…
- **Respondents:** Shrinathji…
- **Other parties:** Committee of…; Darshan Bharatbhai…
- **Advocates:** Kuldeep A…; Monaal Da…

## Timeline

- **2025-05-08 — CIRP Admi…**: Corporate Debtor admitted into CIRP by NCLT in CP (IB) No. 574 of 2018 under Section 7 of…
- **2025-05-10 — Public Annou…**: IRP made public announcement in Form A…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33 — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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