# In the matter of Siddhi Vinayak Logistic Ltd. (Sunrise Polyfilms P. L. Vs. PNB) Inv. P.5-2018 IN IA No. 27-2018 IN CP (IB) No. 89-7-NCLT-AHM-2017

> NCLT judgment dated 2018-05-04. Citation: TCN-2018-NCLT-01460. The case involves an application (IA 27 of 2018) filed by the Resolution Professional (RP)…

- **Court:** NCLT
- **Order date:** 4 May 2018
- **Citation:** TCN-2018-NCLT-01460
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/siddhi-vinayak-logistic-ltd-sunrise-polyfilms-p-l-vs-pnb-inv-p5-2018-in-ia-no-27-9cd7a5e6

## Summary

### Background

The case involves an application (IA 27 of 2018) filed by the Resolution Professional (RP) under Section 33(2) of the Insolvency and Bankruptcy Code (IBC) seeking liquidation of the Corporate Debtor, Sunrise Polyfilms Pvt Ltd. The application was filed after the Committee of Creditors (COC) decided to liquidate the company without completing the resolution process. The promoter of the Corporate Debtor filed objections, claiming the company could be revived. An intervention application (IA No. 5 of 2018) was also filed by an intervener who claimed to have a professional relationship with the corporate debtor and offered a resolution plan.

## Facts

Sunrise Polyfilms Pvt Ltd. is undergoing Corporate Insolvency Resolution Process (CIRP). Punjab National Bank, the Financial Creditor, initiated the process under Section 7 of the IB Code, which was admitted on 2017-09-12. The Committee of Creditors (COC) was formed, and the first meeting was held on 2017-10-12. The Resolution Professional (RP) was appointed and confirmed on 2017-10-17. The COC decided to liquidate the company in its second meeting on 2017-11-02 without completing the resolution process. The RP filed IA 27 of 2018 seeking liquidation. The promoter of Sunrise Polyfilms objected, claiming the company could be revived. An intervener, claiming a professional relationship with Sunrise Polyfilms, filed IA No. 5 of 2018, offering a resolution plan. The

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## Issues and analysis

### Issue 1: Whether the Resolution Professional complied with Section 25 of the IB Code by inviting prospective …

**Ratio:** Section 25 of the IB Code mandates the Resolution Professional to invite prospective

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**Reasoning:** The court found that the Resolution Professional did not invite any prospective

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**Interpretation:** Section 25 of the IB Code is interpreted to require the Resolution Professional

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**Application:** The Resolution Professional's failure to invite resolution applicants was a

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## Parties

- **Judges:** Harihar Prakash…; Manorama…
- **Appellants:** Sunrise Polyfilms…
- **Respondents:** Siddhi Vinayak…; Punjab National…

## Timeline

- **2017-09-12 — Admission of Section 7…**: Application filed under Section 7 of the IB…
- **2017-09-15 — Public Annou…**: Public announcement was…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(2) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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