# In the matter of Aakash Polyfilms Limited IA No. 201 of 2021 in CP (IB) No. 535 of 2018

> NCLT judgment dated 2022-07-01. Citation: TCN-2022-NCLT-01934. 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-01934
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aakash-polyfilms-limited-ia-no-201-of-2021-in-cp-ib-no-535-of-2018-700f1042

## 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 the NCLT Rules, 2016. The applicant sought orders and directions against Ace Resorts & Infrastructure Private Limited (Respondent No. 1, Operational Creditor) and the Interim Resolution Professional (IRP) of Aakash Polyfilms Ltd (Respondent No. 2). The applicant, a director and promoter of Aakash Polyfilms Ltd (Corporate Debtor), stated that the Tribunal had initiated the Corporate Insolvency Resolution Process (CIRP) of Aakash Polyfilms Limited on 10.03.2021 and appointed Respondent No. 2 as the IRP. A winding-up petition against Respondent No. 1 was already admitted by the High Court of Gujarat. The applicant alleged that Respondent

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## Facts

Pawan Kishanchand Tulsiani, the applicant, is a director and promoter of Aakash Polyfilms Ltd, the Corporate Debtor. Ace Resorts & Infrastructure Private Limited, Respondent No. 1, is the Operational Creditor. The Tribunal initiated the Corporate Insolvency Resolution Process (CIRP) of Aakash Polyfilms Limited on 10.03.2021. Respondent No. 2 was appointed as the Interim Resolution Professional (IRP). A winding-up petition against Respondent No. 1 was already admitted by the High Court of Gujarat. Respondent No. 1 filed CP (IB) 535 of 2018 against the Corporate Debtor. Respondent No. 1 did not disclose the order dated 07.02.2020 regarding the appointment of a provisional Liquidator by the Gujarat High Court. The operation of the order dated 10.03.2021 was placed

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## Issues and analysis

### Issue 1: Whether the main CP (IB) No. …

**Ratio:** After the appointment of a provisional Liquidator by the Hon'ble Gujarat High Court, the

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**Reasoning:** The Tribunal reasoned that since no such application had been preferred by the

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**Interpretation:** This interprets the interaction between IBC and the Companies Act, specifically

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**Application:** Because the provisional liquidator did not apply to proceed with the matter,

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## Parties

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

## Timeline

- **2016-08-24 — Winding up petition…**: A winding up petition was admitted by the Hon'ble High Court of Gujarat against…
- **2020-02-07 — Provisional Liquidator…**: Provisional Liquidator was appointed by Hon'ble High Court of Gujarat vide order dated…

## 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)

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