# In the matter of Prominent Polymers Private Limited

> NCLT judgment dated 2024-02-29. Citation: TCN-2024-NCLT-02289. 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-02289
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/prominent-polymers-private-limited-fcdf4386

## Summary

### Background

The case involves an application filed by the Interim Resolution Professional (IRP) of M/s. Prominent Polymers Private Limited ('Corporate Debtor') under Section 12A of the Insolvency and Bankruptcy Code, 2016, seeking to withdraw the Corporate Insolvency Resolution Process (CIRP). The CIRP was initiated against the Corporate Debtor, and Mr. Rajesh Kumar Parekh was appointed as the IRP. A public announcement was made, and a claim was received from M/s. Newgen Speciality Plastics Limited ('operational creditor'). The Committee of Creditors (CoC) consisted of only one Operational Creditor. The IRP faced non-cooperation from the suspended Board of Directors and was unable to perform his duties due to the non-availability of requisite documents. The CoC resolved to

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## Facts

The Interim Resolution Professional (IRP), Mr. Rajesh Kumar Parekh, filed an application to withdraw the Corporate Insolvency Resolution Process (CIRP) of M/s. Prominent Polymers Private Limited ('Corporate Debtor'). The CIRP was initiated against the Corporate Debtor, and the IRP was appointed. A public announcement was made, and a claim of Rs. 1,53,85,531/- was received from M/s. Newgen Speciality Plastics Limited ('operational creditor'), which was later admitted for Rs. 92,45,001/-. The Committee of Creditors (CoC) consisted of only one Operational Creditor. The IRP visited the registered office of the Corporate Debtor, which was found to be non-existent. The IRP also visited another address of the Corporate Debtor, which was also closed. The suspended Board of

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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:** After the expiry of the CIRP period, the only resort left was to proceed in accordance

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**Reasoning:** The Adjudicating Authority considered the provisions of Section 33(1) of the Insolvency

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**Interpretation:** The Adjudicating Authority interpreted Section 33(1) of the Insolvency and

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**Application:** In this case, the CIRP period had expired, and no extension was granted. The

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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…
- **2022-05-25 — Appointment…**: Mr. Rajesh Kumar Parekh was appointed as the Interim Resolution Professional of the…

## 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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