# In the matter of Prominent Polymers Private Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02309. The case involves an application filed by the Interim Resolution Professional (IRP) of M/s.…

- **Court:** NCLT
- **Order date:** 29 Feb 2024
- **Citation:** TCN-2024-NCLT-02309
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prominent-polymers-private-limited-ef612512

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) of M/s. Prominent Polymers Private Limited, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP) initiated against the company. The CIRP was initiated based on an application filed by Newgen Speciality Plastics Limited, an operational creditor. The IRP's application for withdrawal is based on a resolution passed by the Committee of Creditors (CoC). However, the Adjudicating Authority notes that the CIRP period had expired, and no extension was granted. The CoC resolved to withdraw the CIRP after 618 days from the commencement of the process.

## Facts

The Corporate Insolvency Resolution Process (CIRP) was initiated against M/s. Prominent Polymers Private Limited based on an application by 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, which was verified by the IRP. The Committee of Creditors (CoC) consisted of only one operational creditor, Newgen Speciality Plastics Limited, with an admitted claim of Rs. 92,45,001/-. The IRP visited the registered office of the Corporate Debtor, which was found to be non-existent. The IRP also attempted to contact the suspended Board of Directors. The CoC resolved to file an application under

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## Issues and analysis

### Issue 1: Whether the Adjudicating Authority can allow the withdrawal of the Corporate Debtor's CIRP as …

**Ratio:** After the expiry of the CIRP period, the only recourse available is to proceed in

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**Reasoning:** The Adjudicating Authority reasoned that allowing the withdrawal of CIRP after the expiry

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**Interpretation:** Section 33(1) of the Insolvency and Bankruptcy Code, 2016, is interpreted to

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**Application:** In this case, the CIRP period had expired on 21.11.2022, and no extension was

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## Parties

- **Judges:** SH. MANNI…; 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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