# In the matter of Lalit Polyester Private Limited

> NCLT judgment dated 2024-01-11. Citation: TCN-2024-NCLT-03171. The case pertains to IA-4617 of 2023 in CP(IB)-3243 of 2019 filed under Section 33(1) of the…

- **Court:** NCLT
- **Order date:** 11 Jan 2024
- **Citation:** TCN-2024-NCLT-03171
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/lalit-polyester-private-limited-d437a0fb

## Summary

### Background

The case pertains to IA-4617 of 2023 in CP(IB)-3243 of 2019 filed under Section 33(1) of the Insolvency & Bankruptcy Code, 2016, seeking liquidation of Lalit Polyester Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated against Lalit Polyester Private Limited following a petition filed by Punjab National Bank under Section 7 of the Code. The applicant was appointed as Interim Resolution Professional and later as Resolution Professional (RP). Despite inviting Expression of Interest (EoI), the CoC determined that there was no chance of revival of the Corporate Debtor and voted for liquidation.

## Facts

Punjab National Bank filed a petition under Section 7 of the Insolvency and Bankruptcy Code, 2016, leading to the initiation of the Corporate Insolvency Resolution Process (CIRP) against Lalit Polyester Private Limited. The applicant, Nitin Om Kothari, was appointed as the Interim Resolution Professional and later as the Resolution Professional (RP). An invitation for Expression of Interest (EoI) was issued, but the Committee of Creditors (CoC) concluded that there was no prospect of revival for the Corporate Debtor. Consequently, the CoC voted with 100% voting share for the liquidation of Lalit Polyester Private Limited under Section 33(2) of the Code. The CoC, in its 8th meeting, approved the appointment of Anil Seetaram Vaidya as the liquidator. The application

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Lalit Polyester Private Limited, …

**Ratio:** Section 33(2) of the Insolvency and Bankruptcy Code, 2016, allows for the liquidation of

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**Reasoning:** The CoC, consisting of the financial creditors, voted with 100% in favor of liquidation,

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**Interpretation:** Section 33(2) provides the legal basis for the CoC's decision to liquidate the

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**Application:** In this case, the CoC's unanimous decision to liquidate Lalit Polyester Private

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## Parties

- **Judges:** Anu Jagmoha…; KISHORE VEMULAPALL…
- **Appellants:** Nitin Om K…
- **Respondents:** Lalit Polyester…; Punjab National…

## Timeline

- **2023-01-05 — Tribunal…**: Tribunal order admitting the petition and initiating Corporate Insolvency Resolution…
- **2023-03-10 — Form G Publ…**: Form G inviting Expression of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 33(1) — Initiation of liquidation](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-33)

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