# In the matter of Aparna Polyflex Private Limited

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02052. 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-02052
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aparna-polyflex-private-limited-168e4693

## 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 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 CoC resolved to initiate liquidation on 18.02.2020, leading to the commencement of liquidation proceedings on 25.02.2020, with Animesh Mukhopadhyay appointed as the Liquidator. The application seeks dissolution of the Corporate Debtor and discharge of the Liquidator.

## Facts

Nandalal Khandelwal, an Operational Creditor, initiated CIRP against Aparna Polyflex Private Limited under Section 9 of the IBC. CIRP commenced on 01.10.2019. The CoC resolved to initiate liquidation on 18.02.2020, and liquidation commenced on 25.02.2020, with Animesh Mukhopadhyay as Liquidator. Public announcement of claims was made on 01.03.2020, resulting in 8 claims totaling Rs. 1,955,530,000.00. The liquidation process was delayed due to the Covid-19 pandemic and related lockdowns, with 232 days excluded by court order on 12.04.2021. The liquidation process halted again between 20.04.2021 and 30.06.2021 due to increasing Covid cases. The Liquidator informed SFIO about the liquidation proceedings on 25.08.2021. SCC meetings were held on 30.04.2021 and 06.09.2021 to

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## Issues and analysis

### Issue 1: Whether the delay of 593 days in filing the …

**Ratio:** The court has the discretion to exclude/condone delays in filing applications based on

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**Reasoning:** The delay was attributed to the time taken to remove liens from bank accounts, the time

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**Interpretation:** The court interpreted the reasons for the delay as justifiable circumstances

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**Application:** Given the reasons provided for the delay, the court exercised its discretion to

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## Parties

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

## Timeline

- **2019-10-01 — Commencement…**: CIRP commenced in the matter…
- **2020-02-18 — CoC Resolution for…**: The Committee of Creditors passed a…

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