# In the matter of Aakash Polyfims Ltd. CP(IB) 535 of 2018

> NCLT judgment dated 2022-01-17. Citation: TCN-2022-NCLT-04440. An application was filed by Pawan Kishanchand Tulsiani, a Director of Aakash Polyfilms Ltd,…

- **Court:** NCLT
- **Order date:** 17 Jan 2022
- **Citation:** TCN-2022-NCLT-04440
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aakash-polyfims-ltd-cpib-535-of-2018-47775b12

## Summary

### Background

An application was filed by Pawan Kishanchand Tulsiani, a Director of Aakash Polyfilms Ltd, requesting clarification regarding a previous order dated 2021-03-17, which had stayed the Corporate Insolvency Resolution Process (CIRP) against the Corporate Debtor. The stay was based on the fact that the Operational Creditor's proceeding was admitted into liquidation by the High Court, and a Provisional Liquidator was appointed.

## Facts

Pawan Kishanchand Tulsiani, a Director of Aakash Polyfilms Ltd, filed an application seeking clarification regarding a prior order dated 2021-03-17. The previous order had stayed the CIRP against Aakash Polyfilms Ltd, the Corporate Debtor. The stay was granted because the Operational Creditor's proceeding was admitted into liquidation by the High Court, and a Provisional Liquidator was appointed. The tribunal considered the application and clarified that unless the Provisional Liquidator seeks permission from the tribunal to proceed, the Corporate Debtor cannot be admitted into CIRP as per Section 279 of the Companies Act, 2013. The tribunal emphasized that Aakash Polyfilms Ltd is not currently in the Corporate Insolvency Resolution Process due to the existing stay.

## Issues and analysis

### Issue 1: Whether the Corporate Debtor can be admitted into the Corporate Insolvency Resolution Process …

**Ratio:** Unless the Provisional Liquidator seeks permission from the tribunal to proceed with the

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**Reasoning:** The tribunal reasoned that the prior order staying the CIRP remains in effect because the

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**Interpretation:** This legal issue involves the interpretation of the interaction between the

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**Application:** In this case, the ratio and reasoning are applied to the specific facts where

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## Parties

- **Judges:** Madan B.…; Ajai Das Me…
- **Appellants:** Ace Resorts &…
- **Respondents:** Aakash Polyfilms…

## Timeline

- **2021-03-17 — Previous…**: Order dated 2021-03-17 stayed the…
- **2022-01-17 — Order Del…**: Tribunal clarified that the Corporate Debtor is not in CIRP unless the Provisional…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 9 — Application for initiation of corporate insolvency…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-9)

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