# In the matter of Diamond Polymers Private Limited C.P. (I.B.) No. 286-KB-2017

> NCLT judgment dated 2018-02-06. Citation: TCN-2018-NCLT-01869. The case involves an application filed by Pushkar Impex Private Limited, an Operational…

- **Court:** NCLT
- **Order date:** 6 Feb 2018
- **Citation:** TCN-2018-NCLT-01869
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/diamond-polymers-private-limited-cp-ib-no-286-kb-2017-9633a0e7

## Summary

### Background

The case involves an application filed by Pushkar Impex Private Limited, an Operational Creditor, under Section 9 of the Insolvency and Bankruptcy Code (IBC), 2016, to initiate a Corporate Insolvency Resolution Process (CIRP) against Dimond Polymers Private Limited, the Corporate Debtor. The application was admitted by the Adjudicating Authority. An Interim Resolution Professional (IRP), Mr. Jitendra Lohia, was appointed, and his appointment was later confirmed as a Resolution Professional (RP).

## Facts

Pushkar Impex Private Limited, an operational creditor, filed an application under Section 9 of the Insolvency and Bankruptcy Code, 2016, to initiate a Corporate Insolvency Resolution Process (CIRP) against Dimond Polymers Private Limited, the corporate debtor. The application was admitted, and Jitendra Lohia was appointed as the Interim Resolution Professional (IRP), later confirmed as the Resolution Professional (RP). The RP convened four meetings of the Committee of Creditors (CoC) and filed five progress reports. Despite public announcements, no resolution plan was submitted. The corporate debtor had no business activities since July 2016, and its only assets were its factory premises. The RP recommended liquidation under Section 33 of the IBC. The time limit for

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor, Dimond Polymers Private Limited, should be liquidated under Section …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows the Adjudicating Authority

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**Reasoning:** The Resolution Professional (RP) reported that no resolution plan was submitted despite

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the CIRP fails to produce

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**Application:** In this case, the CIRP failed to produce a viable resolution plan for Dimond

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## Parties

- **Judges:** Jinan…
- **Respondents:** DIMOND POLYMERS…

## Timeline

- **2017-08-09 — Application A…**: The instant application was admitted by this Adjudicating Authority as per Order dated…
- **2018-01-15 — Resolution Professional…**: Mr. Jitendra Lohia's appointment was reconfirmed as a Resolution Professional vide Order…

## Legal provisions

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

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