# In the matter of Aakash Polyfilms Limited

> NCLT judgment dated 2022-07-01. Citation: TCN-2022-NCLT-01955. The case involves an application filed under Section 65 and 60(5) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-01955
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aakash-polyfilms-limited-5c753452

## Summary

### Background

The case involves an application filed under Section 65 and 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking orders and directions against Ace Resorts & Infrastructure Private Limited (Operational Creditor) and the Interim Resolution Professional (IRP) of Aakash Polyfilms Ltd. The applicant is a Director and Promoter of Aakash Polyfilms Ltd, which is the Corporate Debtor. The Tribunal had previously initiated Corporate Insolvency Resolution Process (CIRP) against Aakash Polyfilms Limited and appointed the IRP. A winding-up petition was already filed against Ace Resorts & Infrastructure Private Limited and admitted by the High Court of Gujarat. Ace Resorts & Infrastructure Private Limited filed an application

…

## Facts

1. An application was filed under Section 65 and 60(5) of the IBC, seeking orders against Ace Resorts & Infrastructure Private Limited (Operational Creditor) and the IRP of Aakash Polyfilms Ltd.
2. The Applicant is a Director and Promoter of Aakash Polyfilms Ltd, the Corporate Debtor.
3. The Tribunal had initiated CIRP against Aakash Polyfilms Limited and appointed the IRP on 10.03.2021.
4. A winding-up petition was already filed against Ace Resorts & Infrastructure Private Limited and admitted by the High Court of Gujarat.
5. Ace Resorts & Infrastructure Private Limited filed an application against the Corporate Debtor with fraudulent intention, suppressing facts.
6. Ace Resorts & Infrastructure Private Limited did not disclose the High Court's order

…

## Issues and analysis

### Issue 1: Whether the initiation of CIRP against Aakash Polyfilms Ltd. was maintainable given the prior …

**Ratio:** Section 279 of the Companies Act, 2016, restricts legal proceedings against a company

…

**Reasoning:** The Tribunal reasoned that the Section 9 application filed by Ace Resorts &

…

**Interpretation:** The interpretation of Section 279 of the Companies Act, 2016, is that any legal

…

**Application:** In this case, since a provisional Liquidator had already been appointed by the

…

## Parties

- **Judges:** Madan B.…; KAUSHALENDRA…
- **Appellants:** Pawan Kishanchand…
- **Respondents:** Aakash Polyfilms…; Ace Resorts &…

## Timeline

- **2016-08-24 — Winding up petition…**: Winding up petition against Respondent No.1 admitted by the Hon'ble High Court of Gujarat…
- **2020-02-07 — Provisional Liquidator…**: Provisional Liquidator appointed by…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 65 — Fraudulent or malicious initiation of proceedings](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-65)

---

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-division-bench-court-i-chenn/aakash-polyfilms-limited-5c753452