# In the matter of Aparna Polyflex Private Limited

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02064. The case pertains to an application under Section 54(1) of the Insolvency and Bankruptcy Code,…

- **Court:** NCLT
- **Order date:** 13 Mar 2024
- **Citation:** TCN-2024-NCLT-02064
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aparna-polyflex-private-limited-323c4b7a

## Summary

### Background

The case pertains to an application 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 following an application by Nandalal Khandelwal, an Operational Creditor, under Section 9 of the IBC. The CoC resolved to initiate liquidation, and the Tribunal ordered the commencement of liquidation on 25.02.2020. The liquidator took steps including public announcement, inviting claims, and conducting Stakeholders Consultation Committee (SCC) meetings.

## Facts

Nandalal Khandelwal, an Operational Creditor, initiated CIRP against Aparna Polyflex Private Limited under Section 9 of the IBC. The CIRP commenced on 01.10.2019, and later, the CoC resolved to liquidate the Corporate Debtor. The Tribunal ordered the commencement of liquidation on 25.02.2020. Animesh Mukhopadhyay was appointed as the liquidator. Public announcements were made, and claims amounting to Rs. 1955530000.00/- were received. The liquidation process faced delays due to the COVID-19 pandemic, resulting in an exclusion of 232 days. The liquidator informed SFIO about the liquidation proceedings and requested access to the Corporate Debtor's documents. The liquidator also filed an application under Regulation 38 of the IBBI Liquidation Regulations, which was

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## Issues and analysis

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

**Ratio:** The Tribunal has the power to condone delays in filing applications based on sufficient

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**Reasoning:** The delay was caused by the time taken to get the lien removed from the bank accounts,

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**Interpretation:** The provision allows for flexibility in procedural matters to ensure that

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**Application:** Given the reasons for the delay, the Tribunal found sufficient cause to condone

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## Parties

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

## Timeline

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

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