# Mr. Atul Mittal RP of M/s. Shrinathji Spintex Pvt Ltd vs. Shrinathji Spintex Private Limited

> NCLT judgment dated 2026-10-01. Citation: TCN-2026-NCLT-01131. The Corporate Debtor, Shrinathji Spintex Private Limited, was admitted into CIRP on May 8,…

- **Court:** NCLT
- **Order date:** 1 Oct 2026
- **Citation:** TCN-2026-NCLT-01131
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-ahmedabad/shrinathji-spintex-pvt-ltd-8ooln

## Summary

### Background

The Corporate Debtor, Shrinathji Spintex Private Limited, was admitted into CIRP on May 8, 2025. Mr. Atul Mittal was appointed as IRP and subsequently RP. Despite multiple invitations for Expressions of Interest (EOI) and providing resolution plan documents, no viable resolution plan was received from Prospective Resolution Applicants within the extended deadlines. Consequently, the Committee of Creditors (CoC), in its 9th meeting on December 1, 2025, unanimously resolved to initiate liquidation proceedings for the Corporate Debtor.

## Facts

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

Mr. Atul Mittal was appointed as Interim Resolution Professional (IRP) and subsequently as Resolution Professional (RP).

Public announcements were made in Form A 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 EOI submission was 11.08.2025.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Shrinathji Spintex Private …

**Ratio:** Liquidation proceedings under Sections 33 and 34 of the IBC, 2016, are to be initiated

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**Reasoning:** The CoC, having exhausted all avenues for resolution plans and finding none viable,

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**Interpretation:** Sections 33 and 34 of the IBC provide the legal framework for initiating

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**Application:** The NCLT, finding the CoC's decision sound and the statutory requirements met,

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## Parties

- **Judges:** Chitra Ha…; Velamur G Venkata…
- **Appellants:** Atul Mittal RP of…; Atul Mi…
- **Respondents:** Shrinathji…
- **Other parties:** Committee of…; Board of Di…; +1 more
- **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 Announcement by…**: 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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