# In the matter of Aditya Polymers and Chemicals (India) Pvt. Ltd. IA No. 1293-2020 in CP No. 145-MB-2018

> NCLT judgment dated 2021-01-20. Citation: TCN-2021-NCLT-03260. The matter pertains to IA No. 1293 of 2020 in CP No. 145/MB/2018, an application seeking…

- **Court:** NCLT
- **Order date:** 20 Jan 2021
- **Citation:** TCN-2021-NCLT-03260
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aditya-polymers-and-chemicals-india-pvt-ltd-ia-no-1293-2020-in-cp-no-145-mb-2018-72454b94

## Summary

### Background

The matter pertains to IA No. 1293 of 2020 in CP No. 145/MB/2018, an application seeking liquidation of the Corporate Debtor, Aditya Polymers. The CIRP was initiated against the Corporate Debtor based on an application filed under Section 7 of the I&B Code, as per the order dated 05.09.2019. The CIRP period expired on 03.03.2020, and no resolution plan was approved. The Committee of Creditors (CoC) decided in its meeting held on 20.02.2020, with a vote share of 84.75%, to liquidate the Corporate Debtor and appoint Mr. Krishna Chamadia as the liquidator.

## Facts

The Corporate Debtor, Aditya Polymers, underwent Corporate Insolvency Resolution Process (CIRP) initiated under Section 7 of the Insolvency and Bankruptcy Code (IBC) based on an application. The CIRP commenced following an order dated 05.09.2019. The CIRP period expired on 03.03.2020. No resolution plan was approved during the CIRP. The Committee of Creditors (CoC) convened on 20.02.2020 and, with 84.75% voting share, resolved to liquidate the Corporate Debtor. Mr. Krishna Chamadia, an Insolvency Professional with IBBI Registration No. IBBI/IPA-001/IP-P00694/2017-2018/11220, was appointed as the liquidator, having given his consent to act in that capacity. The CoC's resolution was made pursuant to Section 33(1) of the IBC, given the absence of a resolution plan after

…

## Issues and analysis

### Issue 1: Whether the liquidation of the Corporate Debtor, Aditya Polymers, is justified given the absence of …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code (IBC) allows for liquidation when no

…

**Reasoning:** The CIRP period expired on 03.03.2020, and no resolution plan was approved. The CoC, with

…

**Interpretation:** Section 33(1) mandates liquidation when the CIRP fails to produce a viable

…

**Application:** Since the CIRP failed to produce a resolution plan within the prescribed

…

## Parties

- **Judges:** V. Nallasen…; Janab Mohammed…
- **Appellants:** Corporatio…
- **Respondents:** Aditya Po…

## Timeline

- **2019-09-05 — CIRP Init…**: CIRP initiated against Aditya Polymers based on an application filed under Section 7 of…
- **2020-02-20 — CoC Meet…**: Committee of Creditors (CoC) decided to liquidate the Corporate Debtor with a vote share…

## Legal provisions

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

---

This is a preview. The full structured summary, issues, precedents and source judgment are available on CaseEase - Legal Intelligence Simplified: https://caseease.in/cases/ibc/nclt-chandigarh/aditya-polymers-and-chemicals-india-pvt-ltd-ia-no-1293-2020-in-cp-no-145-mb-2018-72454b94