# In the matter of Aparna Polyflex Private Limited C.P. (IB) No. 784-KB-2019

> NCLT judgment dated 2020-02-25. Citation: TCN-2020-NCLT-01813. The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 25 Feb 2020
- **Citation:** TCN-2020-NCLT-01813
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/aparna-polyflex-private-limited-cp-ib-no-784-kb-2019-976f9164

## Summary

### Background

The case pertains to an application filed under Section 9 of the Insolvency and Bankruptcy Code, 2016, read with Rule 6 of the Insolvency and Bankruptcy Code 2016 (Application to Adjudicating Authority) Rules, 2016, for the initiation of the Corporate Insolvency Resolution Process (CIRP) against Aparna Polyflex Private Limited. The Corporate Debtor was admitted into CIRP on October 1, 2019. However, no resolution plan was received despite the Expression of Interest (EOI) being floated on December 9, 2019. The Committee of Creditors (COC) in its meeting on February 18, 2020, passed a resolution approving the liquidation of the Corporate Debtor due to the absence of meaningful assets or business.

## Facts

Nandlal Khandelwal, an Operational Creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate CIRP against Aparna Polyflex Private Limited. The Corporate Debtor was admitted into CIRP on October 1, 2019. An EOI was floated on December 9, 2019, but no resolution plan was received. The COC, in its meeting on February 18, 2020, resolved to liquidate the Corporate Debtor due to the absence of meaningful assets or business. The Adjudicating Authority considered the overall facts and circumstances and ordered the liquidation of the Corporate Debtor. Mr. Animesh Mukhopadhyay was appointed as the Liquidator. The order also directed the issuance of a public announcement regarding the liquidation and communication of the order to

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Aparna Polyflex Private Limited, should be liquidated due to the …

**Ratio:** When no resolution plan is received during the CIRP and there are no meaningful assets or

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**Reasoning:** The court reasoned that the primary objective of the IBC is to find a resolution for the

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**Interpretation:** This interpretation aligns with the intent of the IBC, which prioritizes

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**Application:** In this case, since no resolution plan was received and the Corporate Debtor

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## Parties

- **Judges:** Madan B.…; Virendra Kumar…
- **Appellants:** Nandlal Kha…
- **Respondents:** Aparna Polyflex…
- **Advocates:** Pranay Ag…; Ankita…; +1 more

## Timeline

- **2019-10-01 — CIRP Commen…**: Corporate Debtor was…
- **2019-12-09 — EOI Floa…**: Expression of Interest floated,…

## 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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