# In the matter of Aparna Polyflex Private Limited

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02056. The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy…

- **Court:** NCLT
- **Order date:** 13 Mar 2024
- **Citation:** TCN-2024-NCLT-02056
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aparna-polyflex-private-limited-06158f64

## Summary

### Background

The case pertains to an application filed under Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45(3) of the Insolvency and Bankruptcy Board of India (Liquidation process) Regulations, 2016 and Rule 11 of NCLT Rules, for the dissolution of the Corporate Debtor, Aparna Polyflex Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated based on an application filed by Nandalal Khandelwal, an Operational Creditor, under Section 9 of the IBC. The CIRP commenced on 01.10.2019, and subsequently, the Committee of Creditors (CoC) resolved to initiate liquidation on 18.02.2020. The liquidation process was hampered by the Covid-19 pandemic and related lockdowns, leading to delays. The Liquidator took steps to consolidate

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## Facts

Nandalal Khandelwal, an Operational Creditor, filed CP (IB) No. 784/KB/2019 under Section 9 of the Insolvency and Bankruptcy Code, 2016, against Aparna Polyflex Private Limited (Corporate Debtor) for claiming its dues. The Tribunal initiated CIRP on 01.10.2019. The CoC resolved to initiate liquidation on 18.02.2020, and the Tribunal ordered the commencement of liquidation on 25.02.2020, appointing the Applicant as the Liquidator. The Public Announcement inviting claims from stakeholders was made on 01.03.2020, and a total of 8 claims amounting to Rs.1955530000.00/- were received. The liquidation process was delayed due to the Covid-19 pandemic and related lockdowns, with the Tribunal allowing an exclusion of 232 days vide order dated 12.04.2021. The Liquidator informed

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## Issues and analysis

### Issue 1: Whether the Corporate Debtor may be dissolved in accordance with Section 54(1) of the Code read …

**Ratio:** Section 54(1) of the Insolvency and Bankruptcy Code, 2016, read with Regulation 45 of the

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**Reasoning:** The court observed that the affairs of the Corporate Debtor have been completely wound up

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**Interpretation:** Section 54(1) and Regulation 45 provide the legal basis for dissolving a

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**Application:** In this case, the Liquidator has taken all necessary steps to liquidate the

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## Parties

- **Judges:** BIDISHA BA…; D. Ar…
- **Appellants:** Nandalal Khandelwa…
- **Respondents:** Aparna Polyflex…; M/s Aparna…
- **Advocates:** Ankita…

## Timeline

- **2019-10-01 — Commencement…**: Tribunal directed for commencement of CIRP…
- **2020-02-18 — CoC Meet…**: The CoC in the meeting passed the resolution for initiating of liquidation in the matter…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 54(1) — Dissolution of corporate debtor](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-54)

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