# In the matter of Gwalior Polypipes Limited

> NCLT judgment dated 2024-10-07. Citation: TCN-2024-NCLT-00477. The case involves an application filed by CA Navin Khanedelwal, the Resolution Professional of…

- **Court:** NCLT
- **Order date:** 7 Oct 2024
- **Citation:** TCN-2024-NCLT-00477
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/gwalior-polypipes-limited-fb80a105

## Summary

### Background

The case involves an application filed by CA Navin Khanedelwal, the Resolution Professional of M/s Gwalior Polypipes Limited (Corporate Debtor), under section 33 of the Insolvency and Bankruptcy Code, 2016, for initiating the liquidation process of the corporate debtor. The Corporate Insolvency Resolution Process (CIRP) was initiated by Kotak Mahindra Bank Limited under section 7 of the Code, which was admitted by the Adjudicating Authority on 01.09.2023. The Interim Resolution Professional (IRP) was appointed on 02.11.2023 and made a public announcement on 10.11.2023. The Committee of Creditors (COC) was formed, consisting of Kotak Mahindra Bank Limited. Despite inviting resolution plans, the COC rejected them due to their value being less than the liquidation value

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## Facts

Kotak Mahindra Bank Limited initiated Corporate Insolvency Resolution Process (CIRP) against Gwalior Polypipes Limited under Section 7 of the Insolvency and Bankruptcy Code (IBC). The CIRP was admitted on 2023-09-01. Navin Khandelwal was appointed as the Interim Resolution Professional (IRP) on 2023-11-02. The IRP made a public announcement of the CIRP on 2023-11-10. The Committee of Creditors (COC) was formed, consisting of Kotak Mahindra Bank Limited. Seven Prospective Resolution Applicants (PRAs) showed interest, but only two submitted resolution plans. The COC rejected both resolution plans because their value was less than the liquidation value of the corporate debtor. The COC resolved to liquidate the corporate debtor on 2024-07-18. The estimated liquidation cost

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the corporate debtor, M/s Gwalior Polypipes Limited, …

**Ratio:** Section 33 of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of a

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**Reasoning:** The Committee of Creditors (COC) rejected the resolution plans because their value was

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**Interpretation:** Section 33 of the IBC is interpreted to mean that if the COC, in its commercial

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**Application:** In this case, the COC, consisting of Kotak Mahindra Bank Limited, rejected the

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## Parties

- **Judges:** Chitra Ram…; KAUSHALENDRA…
- **Appellants:** Kotak Mahindra…
- **Respondents:** Gwalior Polypipes…; Gwalior Polypipes…

## Timeline

- **2023-09-01 — CIRP Admi…**: Corporate Insolvency Resolution Process (CIRP)…
- **2023-11-02 — IRP Appoi…**: Mr. Navin Khandelwal was appointed as the…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 7 — Initiation of corporate insolvency resolution…](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-7)

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