# In the matter of Pomegranate Coaters Private Limited

> NCLT judgment dated 2025-05-22. Citation: TCN-2025-NCLT-00055. The case involves an application filed by Mr. Yatin Jindal, a Financial Creditor, to initiate…

- **Court:** NCLT
- **Order date:** 22 May 2025
- **Citation:** TCN-2025-NCLT-00055
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/pomegranate-coaters-private-limited-473d4883

## Summary

### Background

The case involves an application filed by Mr. Yatin Jindal, a Financial Creditor, to initiate Corporate Insolvency Resolution Process (CIRP) against Pomergranate Coaters Private Limited, the Corporate Debtor, under Section 7 of the Insolvency and Bankruptcy Code (IBC). The Adjudicating Authority admitted the application on 2023-09-15 and declared a moratorium, appointing Mr. Vinay Kumar Singhal as the Interim Resolution Professional (IRP). Subsequently, Mr. Singhal was confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The CoC, in its meetings, discussed various issues, including a proposal to change the IRP, which led to the appointment of Mr. Devendra Umrao as the RP. However, the CoC ultimately decided to liquidate the Corporate

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## Facts

Mr. Yatin Jindal, the Financial Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Pomergranate Coaters Private Limited (Corporate Debtor) under Section 7 of the IBC. The Adjudicating Authority admitted the application on 2023-09-15, declaring a moratorium and appointing Mr. Vinay Kumar Singhal as the Interim Resolution Professional (IRP). Mr. Singhal was later confirmed as the Resolution Professional (RP) by the Committee of Creditors (CoC). The first CoC meeting was held on 2023-10-21. A proposal was raised to change the IRP, leading to the appointment of Mr. Devendra Umrao as the RP. The Applicant/RP proposed resolutions in the second CoC meeting dated 2024-02-05 to invite Expression of Interest (EOI) from prospective Resolution Applicants,

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## Issues and analysis

### Issue 1: Whether the application for liquidation under …

**Ratio:** Section 33(2) of the IBC states that the Adjudicating Authority shall order the

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**Reasoning:** The Adjudicating Authority found that there was no confirmed resolution plan for the

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**Interpretation:** Section 33(2) of the IBC provides the legal basis for the Adjudicating

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**Application:** In this case, since there was no confirmed resolution plan and the CoC had

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## Parties

- **Judges:** BACHU VENKAT…; Sanjeev R…
- **Appellants:** Yatin J…
- **Respondents:** Pomergranate…; Bank of B…

## Timeline

- **2023-09-15 — Admission of CIRP…**: The Adjudicating Authority admitted the application filed by Mr. Yatin Jindal and…
- **2023-10-21 — First CoC M…**: The first meeting of 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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