# In the matter of Prominent Polymers Private Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02303. The case involves an application filed by the Resolution Professional of Prominent Polymers…

- **Court:** NCLT
- **Order date:** 29 Feb 2024
- **Citation:** TCN-2024-NCLT-02303
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prominent-polymers-private-limited-69d2bad8

## Summary

### Background

The case involves an application filed by the Resolution Professional of Prominent Polymers Private Limited under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the Corporate Debtor. The CIRP was initiated based on an application by Newgen Speciality Plastics Limited, an operational creditor. The Resolution Professional cited non-cooperation from the suspended Board of Directors and the expiry of the CIRP period as reasons for seeking withdrawal.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Prominent Polymers Private Limited based on an application by M/s. Newgen Speciality Plastics Limited. Mr. Rajesh Kumar Parekh was appointed as the Interim Resolution Professional (IRP). A public announcement was made, and a claim of Rs. 1,53,85,531/- was received from Newgen Speciality Plastics Limited. The Committee of Creditors (CoC) consisted of only one operational creditor. The IRP faced non-cooperation from the suspended Board of Directors, and the operations of the Corporate Debtor were closed due to financial crunch. The 180-day CIRP period expired on 21.11.2022. The CoC resolved to file an application under section 19(2) of the Insolvency and Bankruptcy Code, 2016, against the

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority is inclined to consider the withdrawal of the Corporate Debtor's …

**Ratio:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, stipulates that where the

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**Reasoning:** The Adjudicating Authority observed that after the expiry of the CIRP period, the only

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**Interpretation:** The interpretation of Section 33(1) is that once the CIRP period expires

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**Application:** In this case, the CIRP period had expired, and the CoC sought to withdraw the

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## Parties

- **Judges:** MANNI SANKARIAH…; Sanjeev R…
- **Appellants:** Rajesh Kumar…
- **Respondents:** M/s. Prominent…; M/s. Newgen…

## Timeline

- **2022-05-25 — Initiation…**: Corporate Insolvency Resolution Process was initiated against M/s. Prominent Polymers…
- **2022-05-28 — Public Annou…**: Public Announcement made under Regulation 6 of IBBI (Insolvency Resolution Process of…

## Legal provisions

- [Insolvency and Bankruptcy Code, 2016, Section 12A — (1) Subject to sub](https://caseease.in/legal-provisions/insolvency-and-bankruptcy-code-2016/section-12a)

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