# In the matter of Reaselack Polymers Pvt. Ltd.

> NCLT judgment dated 2023-10-13. Citation: TCN-2023-NCLT-01234. The Resolution Professional (RP) of Reaselack Polymers P. Ltd. (Corporate Debtor) filed an…

- **Court:** NCLT
- **Order date:** 13 Oct 2023
- **Citation:** TCN-2023-NCLT-01234
- **Category:** IBC
- **Source page:** https://caseease.in/cases/ibc/nclt-division-bench-court-i-chenn/reaselack-polymers-pvt-ltd-b3a396a1

## Summary

### Background

The Resolution Professional (RP) of Reaselack Polymers P. Ltd. (Corporate Debtor) filed an application under Section 33(2) of the Insolvency and Bankruptcy Code (IBC), 2016, seeking an order for the liquidation of the Corporate Debtor and directing the Committee of Creditors (COC) to settle the dues of the Resolution Professional, including fees and Corporate Insolvency Resolution Process (CIRP) expenses. The Adjudicating Authority had previously admitted a Company Petition filed by Shivalik Industries against Reaselack Polymers, initiating the CIRP and appointing Mr. K. Vatsa Kumar as the Interim Resolution Professional (IRP), who was later confirmed as the Resolution Professional. Despite efforts to find a viable resolution plan, the COC ultimately recommended

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## Facts

Shivalik Polymers Pvt Ltd initiated Corporate Insolvency Resolution Process (CIRP) against Reaselack Polymers Pvt Ltd by filing CP (IB) No.762/9/HDB/2019. The Adjudicating Authority admitted the petition on 20.10.2022 and appointed Mr. K. Vatsa Kumar as the Interim Resolution Professional (IRP). He was later confirmed as the Resolution Professional (RP). During the CIRP, the RP invited resolution plans, receiving 8 Expressions of Interest (EOIs) initially, and later two Resolution Plans from Sri Sharad Arun Kamble in consortium with Sri Pradeep Damani, and Sri Kapil Mantri. The COC rejected both plans on 15.07.2023, with 100% voting share, and instructed the RP to file for liquidation. The CIRP cost incurred till 31.08.2023 was Rs.16,06,084/-, with Rs.8,19,143/-

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## Issues and analysis

### Issue 1: Whether the application for liquidation of the Corporate Debtor, Reaselack Polymers P. Ltd., should …

**Ratio:** Section 33(2) of the IBC, 2016 allows the Adjudicating Authority to pass an order of

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**Reasoning:** The court reasoned that despite the efforts of the Resolution Professional, no viable

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**Interpretation:** Section 33(2) of the IBC is interpreted to mean that if the CIRP fails to

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**Application:** In this case, the RP made efforts to find a resolution plan, but none were

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## Parties

- **Judges:** Rajeev Bh…; Sanjay…
- **Appellants:** Shivalik Polymers…
- **Respondents:** Reaselack…

## Timeline

- **2019-01-01 — CP (IB)…**: CP (IB) No.762/9/HDB/2019 filed by Shivalik Polymers Pvt Ltd against Reaselack Polymers…
- **2022-10-20 — CIRP Init…**: Adjudicating Authority admitted the…

## 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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