# In the matter of Prince Vitrified Private Limited IA No. 797 of 2021 in Company Petition No. (IB)-142-(AHM)-2020

> NCLT judgment dated 2022-06-14. Citation: TCN-2022-NCLT-02240. The case pertains to an application filed under Section 33(2) and 34(1) of the Insolvency and…

- **Court:** NCLT
- **Order date:** 14 Jun 2022
- **Citation:** TCN-2022-NCLT-02240
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prince-vitrified-private-limited-ia-no-797-of-2021-in-company-petition-no-ib-142-3749effd

## Summary

### Background

The case pertains to an application filed under Section 33(2) and 34(1) of the Insolvency and Bankruptcy Code, 2016, seeking the initiation of liquidation for the Corporate Debtor, Prince Vitrified Private Limited. The Corporate Insolvency Resolution Process (CIRP) was initiated following an application filed by the Operational Creditor, M/s. New King Abrasive (Partnership Firm), under Section 9 of the Code. Mr. Akhilkumar A. Thakkar was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). The IRP collated claims, constituted a Committee of Creditors (CoC), and made public announcements. Despite inviting expressions of interest, only one EOI was received, and no resolution plan was finalized.

## Facts

M/s. New King Abrasive (Partnership Firm), an Operational Creditor, initiated Corporate Insolvency Resolution Process (CIRP) against Prince Vitrified Private Limited by filing an application under Section 9 of the Insolvency and Bankruptcy Code (IBC). Akhilkumar A. Thakkar was appointed as the Interim Resolution Professional (IRP) and later continued as the Resolution Professional (RP). The IRP made a public announcement on 2021-03-11. The Committee of Creditors (CoC) was constituted, comprising State Bank of India as the sole financial creditor and twelve operational creditors. The first CoC meeting was held on 2021-04-02. Despite publishing Form G twice to invite expressions of interest, only one EOI was received. The CIRP period was extended for 90 days vide order

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority should allow the application for liquidation of the Corporate …

**Ratio:** The decision of the Committee of Creditors (CoC) regarding liquidation is based on their

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**Reasoning:** The court reasoned that the CoC, in its commercial wisdom, had decided to take the

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**Interpretation:** This reflects the principle that the IBC emphasizes the commercial autonomy of

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**Application:** In this case, the CoC had resolved with 100% voting to liquidate the Corporate

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## Parties

- **Judges:** DEEPTI M…; Ajai Das Me…
- **Appellants:** AKHILKUMAR A.…
- **Respondents:** Prince Vitrified…

## Timeline

- **2021-03-08 — CIRP Commen…**: CIRP was admitted and Mr. Akhilkumar A. Thakkar was appointed as Interim Resolution…
- **2021-03-11 — Public Annou…**: The IRP made a public…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 14 — Moratorium](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-14)

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