# 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-01921. The application was filed under sections 65 & 60(5) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 1 Jul 2022
- **Citation:** TCN-2022-NCLT-01921
- **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-b4159496

## Summary

### Background

The application was filed under sections 65 & 60(5) of the Insolvency and Bankruptcy Code, 2016, read with Rule 11 of NCLT Rules, 2016, seeking orders and directions against Respondent No.1, Ace Resorts and Infrastructure Private Limited (Operational Creditor), and Respondent No.2, the Interim Resolution Professional (IRP) of Aakash Polyfilms Ltd. The applicant is a director and promoter of Aakash Polyfilms Ltd, the Corporate Debtor. The Tribunal had previously initiated Corporate Insolvency Resolution Process (CIRP) of Aakash Polyfilms Limited and appointed Respondent No.2 as the IRP. A winding-up petition was already filed against Respondent No.1 and admitted by the Hon'ble High Court of Gujarat. Respondent No.1 filed an application against the Corporate Debtor

…

## Facts

Pawan Kishanchand Tulsiani, the applicant, is a director and promoter of Aakash Polyfilms Ltd, which is the Corporate Debtor. Ace Resorts & Infrastructure Private Limited, Respondent No. 1, is the Operational Creditor. The Tribunal had initiated CIRP against Aakash Polyfilms Limited. A winding-up petition against Ace Resorts was admitted by the Gujarat High Court, and a provisional Liquidator was appointed. Ace Resorts filed an application against Aakash Polyfilms with fraudulent intent, allegedly suppressing facts to obtain an order. Respondent No.1 did not bring into the notice of the Adjudicating Authority the order dated 07.02.2020 regarding appointment of provisional Liquidator passed by Hon'ble Gujarat High Court. The section 9 application in CP (IB) No. 535

…

## Issues and analysis

### Issue 1: Whether the initiation of CIRP against …

**Ratio:** The principle that an application under the IBC must be filed in good faith and without

…

**Reasoning:** The court restrained itself from giving findings on controversy whether it was case of

…

**Interpretation:** The interpretation of Section 65 of the IBC, which deals with fraudulent or

…

**Application:** The court found insufficient evidence to conclude that the CIRP was initiated

…

## Parties

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

## Timeline

- **2016-08-24 — Gujarat High Co…**: The Hon'ble High Court of Gujarat admitted a winding-up petition against Respondent No.1…
- **2020-02-07 — Appointment of…**: The Hon'ble High Court of Gujarat appointed a provisional Liquidator 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)

---

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-ia-no-201-of-2021-in-cp-ib-no-535-of-2018-b4159496