# In the matter of ARJUN CHEMICALS PRIVATE LIMITED

> NCLT judgment dated 2025-06-12. Citation: TCN-2025-NCLT-01116. The Corporate Insolvency Resolution Process (CIRP) was initiated against Arjun Chemicals…

- **Court:** NCLT
- **Order date:** 12 Jun 2025
- **Citation:** TCN-2025-NCLT-01116
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-chennai/arjun-chemicals-private-limited-3d13ce99

## Summary

### Background

The Corporate Insolvency Resolution Process (CIRP) was initiated against Arjun Chemicals Private Limited on 28.06.2024. Mr. S. Kannan was appointed as the Interim Resolution Professional (IRP).

## Facts

CIRP was initiated against Arjun Chemicals Private Limited on 28.06.2024.

Mr. S. Kannan was appointed as the Interim Resolution Professional (IRP).

The IRP received one claim from the Secured Financial Creditor, twelve claims from the Unsecured Financial Creditors, fifty claims from the employees, one claim from the Operational Creditor, and twenty-four claims from the Operational Creditors.

The CoC decided to appoint the Interim Resolution Professional as the Resolution Professional.

Prospective Resolution Applicants (PRAs) withdrew from the process.

The CoC unanimously resolved to liquidate the Corporate Debtor in the 9th meeting held on 22.04.2025.

The Tribunal extended the CIRP period till 30.04.2025.

Mr. S. Kannan was appointed as the Liquidator.

…

## Issues and analysis

### Issue 1: Whether the application for liquidation of …

**Ratio:** Based on the CoC's resolution and the withdrawal of all Prospective Resolution

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**Reasoning:** The CoC, in its 9th meeting, unanimously resolved to liquidate the Corporate Debtor. The

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**Interpretation:** The decision aligns with the provisions of the IBC, 2016, which allows for

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**Application:** The Tribunal approved the application for liquidation, initiating the

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## Parties

- **Judges:** SANJIV…; Venkataraman…
- **Appellants:** Gurudev Enterprise…; Kannan Samb…
- **Respondents:** Arjun Chemicals…; ARJUN CHEMICALS…
- **Other parties:** Chandrasekar…; State Bank of…; +2 more
- **Advocates:** V. Maniv…; V. Arvind R…

## Timeline

- **2024-06-28 — CIRP Init…**: Corporate Insolvency Resolution Process (CIRP) was initiated against Arjun Chemicals…
- **2024-06-28 — Appointment…**: Mr. S. Kannan was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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