# In the matter of Aparna Polyflex Private Limited

> NCLT judgment dated 2024-03-13. Citation: TCN-2024-NCLT-02069. 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-02069
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/aparna-polyflex-private-limited-4ec8663d

## 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 Corporate Insolvency Resolution Process (CIRP) was initiated following an application by Nandalal Khandelwal, an Operational Creditor, under Section 9 of the IBC. The CIRP commenced on 01.10.2019. Subsequently, the Committee of Creditors (CoC) resolved on 18.02.2020 to initiate liquidation, which was ordered by the Tribunal on 25.02.2020, appointing Animesh Mukhopadhyay as 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. Animesh Mukhopadhyay was appointed as the Interim Resolution Professional (IRP) and later as the Liquidator. The CoC resolved to initiate liquidation on 18.02.2020, and the Tribunal ordered liquidation on 25.02.2020. A public announcement inviting claims was made on 01.03.2020, resulting in 8 claims totaling Rs. 1,955,530,000.00. The liquidation process was affected by the Covid-19 pandemic, resulting in an exclusion of 232 days by the Tribunal's order dated 12.04.2021. The liquidation process was halted again due to increasing Covid cases between 20.04.2021 and 30.06.2021. The Liquidator informed SFIO about the

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## Issues and analysis

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

**Ratio:** The Tribunal has the discretion to condone delays based on sufficient cause shown by the

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**Reasoning:** The delay was attributed to the time taken to remove liens from the Corporate Debtor's

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**Interpretation:** The Tribunal interpreted the reasons for the delay as constituting sufficient

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**Application:** The Tribunal applied its discretion to condone the delay, considering the

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## Parties

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

## Timeline

- **2019-10-01 — Commencement…**: CIRP commenced against Aparna…
- **2020-02-18 — CoC Resolution for…**: The Committee of Creditors…

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