# In the matter of VENUS GARMENTS (INDIA) LIMITED

> NCLT judgment dated 2025-07-22. Citation: TCN-2025-NCLT-00784. The case involves the Corporate Insolvency Resolution Process (CIRP) of Venus Garments (India)…

- **Court:** NCLT
- **Order date:** 22 Jul 2025
- **Citation:** TCN-2025-NCLT-00784
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chandigarh/venus-garments-india-limited-14593108

## Summary

### Background

The case involves the Corporate Insolvency Resolution Process (CIRP) of Venus Garments (India) Limited initiated by State Bank of India. An application was filed by Anil Kumar Jain, a promoter and director, seeking re-issuance of Form G for inviting resolution plans. Subsequently, the Resolution Professional (RP) filed an application for liquidation of the Corporate Debtor based on the decision of the Committee of Creditors (CoC).

## Facts

State Bank of India initiated CIRP against Venus Garments (India) Limited under Section 7 of IBC.

The Corporate Debtor's application was admitted on 24.11.2022.

Navneet Gupta was appointed as the Interim Resolution Professional (IRP) and later confirmed as the Resolution Professional (RP).

Form G was issued on 23.01.2023, inviting Expressions of Interest (EOI) for resolution plans.

No resolution plan was received within the stipulated timeframe.

The Committee of Creditors (CoC) decided to liquidate the Corporate Debtor in its 5th meeting held on 16.05.2023 with 100% voting share.

Anil Kumar Jain, a promoter and director of the Corporate Debtor, filed an application seeking re-issuance of Form G.

…

## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should direct the re-issuance of Form G for inviting resolution …

**Ratio:** The decision to re-issue Form G lies within the commercial wisdom of the Committee of

…

**Reasoning:** The Adjudicating Authority cannot substitute its judgment for the commercial wisdom of

…

**Interpretation:** The IBC and CIRP Regulations empower the CoC to decide on the re-issuance of

…

**Application:** The Adjudicating Authority dismissed the application seeking re-issuance of

…

## Parties

- **Judges:** Harnam Singh…; SHISHIR A…
- **Appellants:** Anil Kuma…
- **Respondents:** Venus Garments…; Sh. Navneet…
- **Other parties:** State Bank of…; Punjab National…; +2 more
- **Advocates:** Arora Vishwas…; Sandeep…

## Timeline

- **2022-11-24 — Admission of Ap…**: Application of the Corporate Debtor was admitted by the Bench of National Company Law…
- **2022-11-24 — Appointment…**: Mr. Navneet Gupta was appointed as…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 60(5) — Adjudicating Authority for corporate persons](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-60)

---

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/venus-garments-india-limited-14593108